Australia targets 100 billion trade with India by 2030

Australia is keen to double its trade with India by 2030, building on a current relationship valued at approximately 50 Billion AUD (Australian Dollars), a senior official of the Oceanian nation said on Friday."We should aim for doubling the trade between the two countries. It is around 50 billion AUD (Rs 2745 billion) at the moment, as of last year. So both our governments are aiming to significantly increase this, with the goal of reaching 100 billion AUD (Rs 5490 billion) by 2030," Australia's Trade and Investment Commissioner Abdul Ekram told UNI.

The focus is on deepening technological collaboration, investment, and innovation across a variety of sectors, from Artificial Intelligence and green energy to space exploration, Ekram said.While Australia is traditionally known for its beaches, mining, and agriculture, Ekram highlighted the country's technological contributions that are often overlooked, such as the invention of Wi-Fi and Google Maps, which is run out of Australia. "These groundbreaking Australian innovations are impacting daily life in India, and the Australian representatives are keen to share these stories," he said.

One key area of collaboration is the intellectual property generated in Australia, with a spotlight on how global research environments are benefiting not just large tech companies but also specialised firms in areas like AI, healthcare, fintech, and digital health, Ekram said. He also noted Karnataka’s drive to improve efficiency and accessibility in healthcare through AI, and how Australian companies are aligning with this vision.

"For example, an Australian company specialising in virtual reality (VR) content has entered into a partnership with a Karnataka-based hardware supplier. Together, they are using VR for education, training, and marketing in specialized sectors. Other collaborations, such as the launch of a new product by a leading Australian company in sleep apnea devices, are already seeing widespread adoption among Karnataka’s citizens," he said.

Ekram emphasised the importance of industry-to-industry linkages, particularly in green energy, where Australia’s technological expertise and abundance of critical minerals are helping support India’s energy transition.

Australia’s role is crucial in enabling India to achieve its vision of becoming one of the world’s top three developed economies, he said. Ekram also recognised the importance of upskilling and skill development to improve employability among India’s young workforce, in tune with industry needs.

Harry Godber, Head of Policy and International Practice at the Tech Council of Australia, outlined the key priorities for strengthening the Australia-India technology trade relationship: investment, skills, and regulation.He highlighted opportunities for increased collaboration in space, defense, software, cybersecurity, and quantum technologies, all of which are key priorities for both Australian and Indian governments.

Australia’s private capital market, the third-largest in the world, offers long-term investment opportunities for India, particularly through its 3 trillion US Dollars wealth pool, Godber said.Australian superannuation funds have already invested heavily in other key markets around the globe, and there is significant potential for increased investment in India’s growing tech ecosystem, he said.

The Australian government’s establishment of the Australian Space Agency in 2017 is one example of efforts to strengthen ties with India, the officials said. Australian companies in space exploration, particularly those in Sydney and Adelaide, are preparing to contribute to future missions in collaboration with Indian space agencies.(UNI)<>