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India and Australia have a larger role to play in Indo-Pacific region

Jun 16, 2020

NEW DELHI, 16 June 2020: As a follow up to the first successfully concluded virtual summit between India and Australia, Australia India Business Council (AIBC) and FICCI organised an interaction. 

 

Both AIBC and FICCI believed that the business community in both countries can hold their own in the current situation and support both Governments in moving towards accelerating the economic growth.  

 

There was a strong agreement that the virtual meeting of PM Modi and PM Morrison inspired businesses in both countries to convert potential calamity into an opportunity.

 

Further, the elevation of our bilateral relations to Comprehensive Strategic Partnership (CSP) level, was a landmark development. 

 

Together, India and Australia have a larger role to play in Indo-Pacific region and Indian industry is prepared to engage more deeply to increase investments, trade, and commerce between the regions.  India and Australia have already recognised the importance of cooperation in science, technology and research in order to share the benefits of medical and scientific research and strengthen their healthcare systems to combat pandemic situations like currently.  

 

FICCI, and the Australia India Business Council (AIBC), are working on opportunities of cooperation in energy, resources and water, industrial design, infrastructure investment, pharmaceutical research, Information Technology, metals recycling for manufacturing inputs and agribusiness. FICCI and Industry congratulated both the Prime Ministers on this commitment. 

 

AIBC appreciated partnership with FICCI and said that manufacturing scenario in Australia will be changing and Australian Industries will be realigning their strategies due to the impact of COVID-19 and Make in India program will benefit many Australian industries. 

 

Hon Simon Birmingham, Australian Minister for Trade, Tourism and Investment has said, "No single market offers more growth opportunity for Australian businesses than India. I welcome the efforts of the Australia India Business Council to support the Australia-India relationship."