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India on Monday invited Australian pension funds to ramp up its investments in India particularly in the emerging sectors of renewable energy, manufacturing, fintech, education and agriculture technology.
Commerce and Industry Minister Piyush Goyal called for more active participation of Canadian funds in Indian ventures in his meeting with Australia’s leading Super (superannuation) Funds. Australian pension funds’s assets are to the tune of Australian dollar 3.9 trillion at the end of March this year.
Australian pension funds have invested 34% of their assets in overseas share markets. Of its total exposure to the global share markets, around 1.5% is invested in India.
“Discussions (with pension funds) focused on the robust policies and reform agenda of the Government of India which have boosted investor confidence,” a commerce ministry statement said.
During the first day of his Australia visit the minister also met the Chief Executive Officer (CEO) of the Minerals Council of Australia regarding ways to strengthen collaboration in the critical minerals sector between India and Australia.
India and Australia already have a critical mineral partnership that has identified five target projects (two lithium and three cobalt) on which to undertake detailed due diligence.
Goyal attended a business roundtable hosted by the Business Council of Australia in which prominent Australian and Indian CEOs participated. He invited Australian business leaders to explore the opportunities presented by the high and sustained economic growth in India.
The Minister also met Managing Director of the Cruise Lines International Association Joel Katz to explore opportunities for enhancing coastal tourism in India.
Australia is an important trade partner of India. Both sides are currently negotiating the Comprehensive Economic Cooperation Agreement (CECA). Officials say that negotiations on the agreement are likely to be completed by December.
In the run-up to CECA, India and Australia have implemented an interim pact, officially dubbed as Economic Cooperation and Trade Agreement (ECTA) in December 2022.
Merchandise trade between India and Australia reaching around $ 24 billion in 2023-24. India’s exports to Australia last year stood at $ 7.9 billion while imports were $ 16.1 billion.
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