SYDNEY, 25 August 2022: The three days Australia India International Business Summit (AIIBS),23-25 August 2022 here preceded by four Indian Ministers visiting Australia in the last seven weeks, the latest being Education Minister Dharmendra Pradhan, is indicative of the growing warmness in relations between Australia and India.
One can also not ignore the more than ever, celebrations of 75 years of India’s Independence across Australia, especially the high-profile bash organized at the National Gallery of Victoria (NGV), Melbourne by the University of Melbourne’s Australia India Institute.
Penny Wong, Foreign Minister of Australia addressing the Summit said, ” Our relationship is built on many things, but fundamentally, it is built on shared interests. And it is why we think of our relationship as one of Dosti – our friendship. So together, there is just so much that our two nations can achieve, and your work is central to that. Our partnership extends well beyond the bilateral because we share a region and whichever region is being reshaped. Our relationship is profoundly important. It is profoundly important that countries with shared interests work together.”
Penny Wong’s words are not surprising, in the context of the worst ever state of Australia-China relations, despite China being the biggest trading partner. China is also India’s second biggest trading partner, after the United States. It has a long-standing border dispute with it. In the fast-reshaping world, the West needs India and India needs the West, despite India’s closeness to Russia for military supplies and now oil and gas.
High Commissioner of India in Australia, Mr.Manpreet Vohra said “India has emerged as the fastest economy in the world. As we celebrate the 75th Anniversary of Indian Independence, India Australia relations have strengthened during the last decade and upgraded to CSP. This is an acknowledgment of our convergent views on geo strategic and geo economic issues particularly in the Indo Pacific region. ECTA is a watershed moment and opens large opportunities for businesses in both countries.
It is time that Australian businesses appreciate New India. Even during the pandemic the Foreign Direct Investment in India by many countries has grown tremendously. It is time the business leaders to understand this potential India offers. I congratulate Australia India Business Council for the very well organised Australia India International Business Summit in this regard”.
Irfan Malik, President, AIBC NSW State Chapter and Chair of the AIIBS 2022 Business Summit said “for the first time in the history of Australia India trade programs, the AIBC Business Summit had a strong focus on Australia – India Bi-lateral opportunities for the Indigenous and First Nations Businesses to leverage and accelerate engagement with the Indian market. This summit is also expected to spark-off unprecedented levels of cross industry engagement bringing industry bodies, university research centres, government agencies, startup ecosystems and business groups looking to collaborate on market validation and scaling up opportunities”.
“The business outcome focused sessions, scheduled over the three days of the Australia India International Business Summit (AIIBS 2022), showcased the “New India – new bilateral business to business opportunities across several key industry sectors”. These sessions were highly engaging with the participation of leaders from the Australian and the Indian Governments, Corporate leaders, AIBC member organisations, First Nations Businesses, AIBC business partners and Startups founders. Apart from the Education & Future of Learning sector, several other sectors such as Defence, Aerospace, Cyber Security, Financial Services & Fintech, Tourism & Hospitality sectors were showcased.
The program also included a strong focus on advanced manufacturing, smart/sustainable infrastructure, sustainable renewable energy, circular economy, and waste to energy solutions with large participation by several businesses across Australia and India both in person and digitally. There were several Business outcomes including business launch, solution showcase and MOUs facilitated during the summit.
The Annual address and an impactful panel discussion hosted by Jodi McKay, with esteemed business and Govt delegates highlighted the need to create ongoing business to business connects, India opportunities literacy initiatives and regular showcase of a business cases studies and success stories build continued momentum on this bi-lateral engagement. The Gala event also showcased several business outcomes themed “Cultural Extravaganza” highlighting opportunities of collaboration in Art & culture, First Nation businesses and Textile – Design Industry collaboration at scale with India,” AIBC media release says.
The three days business conclave has discussed and promises a lot, no doubt. AIBC also launched three new initiatives, AIBC Digital, AIBC Young Business Leaders Chapter and AIBC First Nation & Indigenous Chapter at this Business Summit. It remains to be seen what happens at the implementation level. The two countries have been engaging with each other for some time. India’s balancing act in foreign policy between the West and China-Russia is the prism through which Australia-India social and economic relations will take further shape.
