An Australian delegation consisting of 106 businesses will travel to India from September 26 to September 30.
While there, they will meet with Indian business and government representatives in New Delhi, Mumbai, and Bengaluru to look for business opportunities in the areas of education, health, food and agriculture, essential minerals, and sustainable infrastructure. The delegation is in India as part of the AIBX (Australia-India Business Exchange) programme.
The Australian Trade and Investment Commission will lead the business delegation (Austrade). Additionally, since the COVID-19 pandemic started, this is India’s first significant commercial visit. The mission’s leader, Xavier Simonet, CEO of Austrade, stated that it would assist Australian companies in expanding their engagement with and exports to India.
“Australia’s premium goods and services reputation is rapidly growing in India. This mission provides a platform to demonstrate the breadth of Australia’s industry capabilities and support Australian business to connect with Indian customers and partners,” he added.
Business officials from Australia and India will discuss how to improve tech collaboration and how Australian educational institutions can help India fill its skills gap in Bengaluru, the country’s technological powerhouse.
Economic Cooperation and Partnership Agreement (ECTA)
In a recent interview, India’s Union Commerce and Industry Minister Piyush Goyal predicted that the Economic Cooperation and Trade Agreement (ECTA) between India and Australia would generate about 1 million jobs over the next four to five years. ECTA offers an institutional platform to enhance trade between the two nations and is the first trade agreement India has signed with a developed nation in more than ten years.
Businesses have more incentives to engage with India thanks to this year’s signed Australia-India Economic Cooperation and Trade Agreement. Once in effect, it will eliminate tariffs on more than 85 per cent of Australian commodities exported to India, worth more than $12.6 billion annually, with a gradual increase to over 91 per cent, or $13.4 billion, over a ten-year period. Over the next five years, the recently signed trade deal with Australia is expected to raise bilateral trade from USD 27 billion to USD 45-50 billion.
The Indian government plans to generate one million new jobs in that period. On April 2, both countries signed the India-Australia Economic Cooperation and Trade Agreement (ECTA). India is currently Australia’s eighth-largest trading partner, and it is Australia’s fifth-largest export market for energy and resources.
More opportunities in the education sector
Indian students are Australia’s second-largest international student population, with over 1.8 million expected to be studying abroad by 2024. The international student market in India is showing signs of a robust post-pandemic rebound. The number of Indians asking for student visas to Australia has increased since Australia’s borders were reopened.
Elaine Starkey, CEO of Global Study Partners in Sydney, believes India’s international education business has a bright future. GSP applications for Australian colleges increased by 500% between February and August 2022. Starkey adds that Australian ed-tech entrepreneurs could look to India’s established sector for financing alternatives. UpGrad, India’s largest ed-tech business, spent $22 million to acquire GSP in 2021.
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