A day after the virtual India-Australia summit level talks, on Tuesday, the government of Australia announced a landmark investment package worth $280 million with India. This package is expected to help in furthering the bilateral economic relationship between the two countries and to also support businesses and jobs.
The package early this morning was announced by Minister for Trade, Tourism and Investment Dan Tehan of Australia. According to the official statement issued, Australia will provide additional investment in the relationship, and will provide $16.6 million which will strengthen linkages with India’s key policy and finance institutions. Another $8.9 million is for enhanced business engagement and an increased Australian trade presence in India.
At the summit between the two leaders Prime Minister Narendra Modi and PM Scott Morrison, Australia had pledged funds which included:
$ 17.2 million for the Australia-India Strategic Research Fund to continue supporting a world-class relationship. This will also be used for setting up an Australia-India Innovation and Technology Challenge;
$35.7 million has been announced for a Green Steel Partnership, Critical Minerals Research Partnership. And a contribution to the International Energy Agency to be used for supporting cooperation on production, research, and also commercialization of critical minerals, energy and clean technologies.
$25.2 million has been given for deepening cooperation in the space sector – Indian Space Research Organisation (ISRO) and the Australian Space Agency’s International Space Investment initiative.
$28.1 million to help launch a Centre for Australia-India Relations. This is being done to promote public discussions, and policy dialogue, engage Indian Diaspora and community ties.
In the official statement that was shared on Tuesday morning, the Australian minister has said that the Morrison Government was investing to grow the Australia-India economic, trade and investment relationship.
Ideal partners
According to the minister, both countries share complementary economies, strong people-to people links, common values which make us ideal partners.
The two countries are working towards stronger and sustainable economic growth and more secure and diversified trade and investment patterns and supply chains.
India-Australia
As has been reported earlier, in the Indo-Pacific Region, India is an important security and economic partner of Australia.
In 2020, India was Australia’s seventh largest trading partner and was the third largest market for services exports.
The two-way trade was valued at $24.3 billion, and the sixth largest goods and services export market, valued at $16.9 billion.