New Delhi: Seeking investment, Commerce and Industry Minister Piyush Goyal on Friday said that India and Australia can enhance cooperation in areas such as skill development, education, service sectors, information technology, manufacturing and Internet of Things.
He said Australian companies that would invest in India could own 100 per cent of their companies and keep their technology and trade secrets.
“You get a huge market (in India) with a huge defense budget, especially considering the situation and the neighborhood in which we are located. We would love to see investments from Australia growing in India and I assure you that today you will get returns much better than the returns you get in your country.
India and Australia have recently signed economic cooperation and trade agreements to boost economic ties.
In this agreement, the minister said, India is looking at several ways to expand ties, especially in the areas of skill development, education and service sectors, which have huge potential.
“Maybe (we can see) even developing 5G telecom systems together,” he said.
Australia is India’s 17th largest trading partner, while New Delhi is Canberra’s 9th largest. India’s merchandise exports stood at USD 6.9 billion and imports rose to USD 15.1 billion in 2021.
Goel called upon the Indian community in Australia to celebrate the 75th anniversary of India’s independence on June 21 as International Yoga Day at 75 iconic places in Australia, an official release said.
Addressing the community center Indian Society of Western Australia (ISWA) in Perth, Goel said, “I am sure the world will see the symbolism of this unity reflected in our worldwide yoga festival, which originated in Australia.”
Goyal said that India was very curious? Yoga instructors and Indian chefs to visit Australia as part of the India-Australia Economic Cooperation and Trade Agreement (Ind-Australia ECTA).
He said Australia has for the first time committed to providing work opportunities to students with an extended period of work visas.
“Our students who come here can add to the pool of talent and skills that Australia seriously needs, our IT professionals can help bring in a greater degree of technical skills, our STEM graduates can be a big factor in the economy in Australia. can contribute at scale,” he said.