India, land of immense opportunity for Australia: Malcolm Turnbull

India, land of immense opportunity for Australia: Malcolm Turnbull

Malcolm speaks of furthering trade, education and energy security with India

The Dollar Business Bureau

Australian President Malcom Turnbull is scheduled to make his first visit to India this Sunday. Accompanied by Simon Birmingham, Education and Training Minister, Turnbull's visit will focus on energy security for India's fast-growing economy, cooperation on education and trade.

In his address, Malcom stressed that Australia could be of significant assistance to India in the areas of nuclear, natural gas, clean coal and renewable energy, by providing access to advanced technology.

"With converging political, economic and strategic interests, we will use the meeting to strengthen our relationship even further for the benefit of both nations," Turnbull said, talking about opportunities that India's impressive growth rate would present for the close alliance between India and Australia.

Adding to it, the President, while giving a speech at the Sydney Institute, also expressed that India could reach the size of US economy if it continued to grow upwards of 7% annually.

The Australian President, who officially assumed power in September, 2015, during his maiden four-day visit to India, will also discuss with PM Narendra Modi the way forward in the India-Australia free trade agreement (FTA). Negotiations over the same have been conducted over multiple rounds since 2011, the last one having taken place in 2015. So far, nine rounds of negotiations have been made, but the conclusive deal remains elusive.

"Alongside China, India is a land of immense opportunity for Australia," the Australian leader said. While the India-Australia FTA is still in the making, China and Australia have simultaneously initiated the process of upgrading their symbiotic relationship enabled by ChAFTA (China Australia Free Trade Agreement).

Expanding trade and investment with India will be the focus of Turnbull's meeting with industry leaders and business magnates in Mumbai.

Australia plans to collaborate on education, and play a leading role in India's ambitious plan to skill 400 million people by 2022. India and Australia already share a fruitful relationship with respect to education, which Australia wants to enhance.

Turnbull is visiting India in response to Modi's invitation to the Australian President during a G-20 summit in China last year. 

The Dollar Business Bureau - Apr 07, 2017 12:00 IST