New push to further SA ties with India
News Release |
Premier Jay WeatherillMinister for State Development |
Hon Tom KoutsantonisMinister for Manufacturing, Innovation and Trade |
Monday, 23 January 2012
South Australian businesses, industry and trade organisations will be asked for their ideas to help develop a new State Government strategy to capture opportunities presented by the growing Indian economy.
Premier Jay Weatherill today launched a South Australia-India Economic Development directions paper – ahead of a visit this week by a delegation of Indian investors.
The directions paper will involve consultation with businesses, industry, trade organisations and government agencies to seek ideas for furthering South Australia’s ties with India.
“We know that the broader economic transformation in Asia, outside of China, will be a growing force in the world economy,” Mr Weatherill said.
“India is expected to become the world’s third-largest economy within 20 years and is going to be a very significant part of our economic growth in the long-term so building a stronger relationship with it is a priority of the Government.
“It’s important that South Australia has a clear strategy to take advantage of emerging opportunities that exist in India and that’s what this consultation with business and industry will develop.
“While our trade, education and cultural ties provide a strong foundation, we need a more broadly-based alliance across many sectors of our state’s economy.”
Manufacturing, Industry and Trade Minister Tom Koutsantonis said Indian investors, business operators, skilled migrants, students and tourists are already discovering opportunities in South Australia with India already our fourth largest export market.
“Australia and India share many common bonds including a Commonwealth background, a common business language and a passion for cricket,” Mr Koutsantonis said.
“The State government wants to build on these common interest to maximise the potential investment Indian companies can provide in South Australia.
“The broad consultation to be conducted in coming weeks will continue the process of linking South Australia’s economic expansion to the exponential growth forecast for India.
“The final economic engagement strategy for India will align business and government activity to benefit both South Australian and Indian people.
“Our strategy will include a clear set of targets and aims for trade, investment and business migration – identifying where we want to be in our relationship with India over the coming years, and how we intend to get there,” Mr Koutsantonis said.
In December, the State Government released the Major Developments Directory which outlined a record $109 billion of major developments underway or in the pipeline - including more than $65 billion in the minerals and energy sector.
“We are keen to encourage some Indian investment in these projects while using this business program to showcase the vast economic opportunities we have here in South Australia,” Mr Koutsantonis said.
Representatives of high-level Indian companies, visiting Adelaide this week, will be consulted on the strategies proposed.
A series of meetings and functions are scheduled, including a consultation workshop on the directions paper.
The visiting delegation, including companies looking to invest in the mining, energy and IT sectors, also will attend the Australia v India Test at Adelaide Oval.
“This visit by investors provides a prime opportunity to engage with business people who can offer insight to help strengthen our economic partnership,” Mr Weatherill said.
For a copy of the South Australia-India Economic Development Directions Paper, and to submit ideas or feedback visit www.dmitre.sa.gov.au/india
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- Page Last Modified: February 3, 2012