“India is the fifth largest and fastest growing economy in the world and is recognised as a key strategic partner for Australia. Two-way trade between the two countries is currently $25 billion and is forecast to grow to $45 billion within the next five years.”
— Jodi McKay, National Chair of the AIBC
The Centre for Australia-India Relations (CAIR) has been allocated $44 million in the budget. This was welcomed by the Australia India Business Council (AIBC).
National Chair of the AIBC, Jodi McKay, said the Centre would become a key institution in deepening the dialogue between the two countries and working closely with business and industry to explore and capture the emerging opportunities in India and Australia trade.
“India is the fifth largest and fastest growing economy in the world and is recognised as a key strategic partner for Australia. Two-way trade between the two countries is currently $25 billion and is forecast to grow to $45 billion within the next five years,” McKay said and added, “The Centre will play a key role in helping India and Australia meet those aspirations.”
“There is great support for the Centre to be established in Parramatta, which is NSW’s second city and a thriving commercial hub.”
–Irfan Malik, NSW President
According to McKay, the Centre’s focus on promoting policy dialogue and strengthening the industry and business links is important, but so too is engaging Australia’s rapidly growing Indian diaspora. “AIBC has long championed business-to-business links, but also believes there must be greater emphasis on the growing India diaspora and its connection to India,” she said. She also pointed out that the “Centre will provide a focus on Australia’s Indian diaspora as a “living bridge” between the two countries, which until now has been missing from Australia’s strategic approach to India. Our connection to India,” she said, “must be more than a transactional relationship. There is an opportunity for the Centre to play a critical role in developing genuine relationships by growing cultural understanding and business literacy to ensure long-term, sustainable success.” The AIBC congratulated the Albanese Government on the funding commitment over four years and looked forward to supporting the Centre’s crucial work.
With funding now secured, AIBC is advocating for the Centre to be established in Western Sydney, which is home to a large Indian diaspora, reported nriaffairs.
NSW President, Irfan Malik, said there was great support for the Centre to be established in Parramatta, which is NSW’s second city and a thriving commercial hub. “As well as making sense from a business perspective, establishing the Centre in Western Sydney would also send a message to the Indian Australian community that the Federal Government understands their importance in advancing the business and cultural ties between India and Australia.”
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