Canberra [Australia], February 26 : Australia's relationship with India has never been stronger, and Prime Minister Anthony Albanese on Wednesday committed to taking it to the next level.
The country is boosting its economic ties with India to create jobs at home and has launched a new roadmap to maximize trade and investment opportunities
In a post on X, Albanese said that Canberra is boosting economic ties with New Delhi to create domestic jobs.
"Australia's relationship with India is stronger, deeper, and more important than ever. But there is so much more to come. We're boosting Australia's economic ties with India to create jobs at home," the Australian PM said.
"And today, we launched a new roadmap that's all about making the most of the trade and investment opportunities ahead," he added.
https://x.com/AlboMP/status/1894663497155240077
Australian government earlier today unveiled a roadmap, according to which Australia is investing USD 16 million in the Australia-India Trade and Investment Accelerator Fund (TIAF). This fund will help Australian businesses tap into India's fast-growing market and unlock new commercial opportunities.
This roadmap identifies four key areas of growth, dubbed "superhighways of growth": clean energy, education and skills, agribusiness, and tourism. These sectors have been chosen for their potential to drive economic growth and create new opportunities for Australian businesses.
Earlier, Albanese said, "India is an essential partner as we diversify our trade links to boost prosperity for all Australians. This Roadmap is critical to helping us fully realize our potential with India, which will be a boon to Australia's economy, our businesses and jobs, and our prosperity."
Australia unveiled an ambitious roadmap to deepen and diversify its trade and investment ties with India. The roadmap identified four "superhighways of growth"--clean energy, education and skills, agribusiness, and tourism.
The new Roadmap for Australia's Economic Engagement with India aims to enhance trade opportunities, benefit businesses and consumers, secure supply chains, and create jobs.
The Roadmap focuses on bolstering two-way investment and fostering closer collaboration with Indian-Australian communities and businesses.
Additionally, it highlights nearly 50 opportunities to deepen engagement in key sectors such as defence industries, sports, culture, space, and technology.
It is a strategic initiative designed to help Australian businesses expand into the fast-growing Indian market. With India on track to become the world's third-largest economy by 2030, this roadmap outlines key growth sectors and strengthens bilateral ties, ensuring mutual prosperity and economic resilience.
Furthermore, an additional USD 4 million will be allocated to expand the Maitri ('friendship') Grants program, aimed at strengthening business, cultural, and people-to-people ties between the two nations.
Australia's existing free trade agreement with India has already delivered significant financial benefits, saving Australian businesses hundreds of millions of dollars and is projected to reduce exporters' tariff costs by USD 2 billion by the end of the year. These savings are directly benefiting Australian consumers and contributing to job creation.
Negotiations are also progressing on a new free trade agreement that will unlock even greater opportunities for Australian businesses in India's expansive and dynamic market of over 1.4 billion people. The roadmap is a result of extensive consultations, with over 400 engagements conducted across Australia and India.