After setting up its first office in Singapore, Invest India will set up another office for trade promotion in Sydney, Australia to facilitate global investors seamless access to India’s growing economy.
Union Minister Piyush Goyal said that the government is setting up an office for trade promotion in Sydney with representatives of Invest India, NICDC, ECGC, other officials related to trade and tourism along with the private sector represented by CII.
While addressing a joint press conference at Adelaide along with the Don Farrell, Minister for Trade & Tourism, Australia, Goyal said that these offices will act as a bridge between investors and businesses on both sides. “The focus is to upscale the partnerships in trade, investment, tourism and technology,” the minister said.
Minister Goyal stated that the ‘Make in India’ initiative launched by the government 10 years ago provides a whole of the approach in addressing the challenges of the manufacturing sector.
“It provided provisions for ‘plug and play’ for infrastructure, single window system for approvals, easing compliance burden, decriminalising laws, opening up FDI in newer sectors and encouraging the startup ecosystem, signifying a multi-pronged approach to attract manufacturing in India,” the minister added.
Goyal stated that enhanced cooperation in education, skill development, investment, tourism, critical minerals, green ecosystem for sustainability are areas where the partnership holds significant potential.
Speaking about his visit to Australia, the minister said that for the first time, the leadership of both the CII and FICCI were represented in Australia, signifying the importance of the partnership. He added that the unprecedented ties between the two countries with 9 in-person meetings of senior leaders being held since May 2022 reflected the deep-bonding of leaders and supplements the business-business and people-people to connect.
Goyal added that India and Australia are working towards strengthening Economic-Cooperation and Trade Agreement (ECTA) through Comprehensive Economic Cooperation Agreement (CECA). He said that the ECTA agreement has resulted in market access to both sides and resulted in significant increase in merchandise trade.
