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22
November 2018
India and Australia (The
Total Investment & Insurance Solutions)
India and Australia on
Thursday m signed five agreements to boost education and business partnership
marking President Ram Nath Kovinds ongoing visit.
The President held talks with Governor-General Peter Cosgrove
and Prime Minister Scott Morrison; was accorded a ceremonial reception and
hosted at a luncheon banquet by the Governor-General at Admiralty House; and
unveiled, along with the Australian Prime Minister, a statue of Mahatma Gandhi
at the Jubilee Park in Parramatta, near Sydney ..
The President held talks with GovernorGeneral
Peter Cosgrove and Prime Minister Scott Morrison; was accorded a ceremonial
reception and hosted at a luncheon banquet by the Governor-General at Admiralty
House; and unveiled, along with the Australian Prime Minister, a statue of
Mahatma Gandhi at the Jubilee Park in Parramatta, near Sydney.
The President also delivered two major
addresses – at the Australian Financial Review India Business Summit; and at
the Australia-India Business Council dinner event hosted in his honour.
As part of President Kovind’s visit, five
agreements have been concluded between India and Australia. These are -- An
agreement between the Government of India and the Government of Australia for
cooperation in the area of disability and to deliver services to the
differently-abled; An agreement between Invest India and Austrade to facilitate
bilateral investment; An agreement between the Central Mine Planning and Design
Institute, based in Ranchi, and the Commonwealth Scientific and Research
Organisation, based in Canberra, to foster scientific collaboration and
innovation;
An agreement between the Acharya N.G. Ranga
Agricultural University, Guntur, and the University of Western Australia,
Perth, for cooperation in agricultural research and education; A Joint PhD
agreement between the Indraprashta Institute of Information Technology, Delhi,
and the Queensland University of Technology, Brisbane.
Kovind and Morrison were together on three
separate occasions today, including during their morning round of talks.
Several issues came up in their wide-ranging discussions, including trade and
investment, the need to expand the trade basket from simply a few commodities,
and the strong connections forged by the Indian diaspora.
In the afternoon, speaking at the Australian
Financial Review India Business Summit, a foreign capital and international investors, India is in the top
league. Business sector after business sector, from aviation to mining to
defence production, has had doors thrown open to global players and investors.
Several measures – fiscal and regulatory, infrastructure promotion and
investment policy – have been taken to make India even more of a hub for new,
exciting and global businesses.
The President said that the international
business community has responded to India’s achievements with appreciable
investment. In financial year 2017-18, India drew almost $ 62 billion in FDI.
This was an acknowledgement of India’s honest and reformist efforts – and of
its high GDP growth.
The President noted that the big country and
big friend that we not seeing as much of in the India investment story is Australia.
This is a gap we need to address. Australia and India have too much at stake in
each other to not up their game. We can collaborate and benefit from each
other’s expertise in fintech and logistics, in industrial design and biotech,
in the capital markets and in farm-to-fork management of the food chain – even
in space tech and satellite launch services. India’s longstanding space
programme, the President said, will be happy to support the new Australian
Space Agency.
The President said that Australian
super-funds or pension funds have a reputation for careful, calibrated
investment decisions. They will find the Indian infrastructure space worth
their while – with long-term investments, steady to high returns, confidence in
growing consumption, and security in contractual adherence.
Ending
his speech on a lighter note, the President urged Australian businesspersons
and investors looking to India to borrow from the methods of their cricketers.
The most successful Australian batsmen in India, he said, have been those who
have shown patience, read the conditions carefully, settled down for the long
innings, nurtured dependable partnerships – and not fallen for spin!
At the
Australia-India Business Council event, the President praised the Council as a
key driver of Australia-India business and investment. He expressed confidence
that the Council’s members would further bilateral trade and engagement. The Total Investment & Insurance
Solutions
