Dan Tehan launches India Economic Strategy Update

 

MELBOURNE, 22 MARCH 2022: Australia’s Trade Minister Dan Tehan today launched the ‘India Economic Strategy Update’ and the ‘Australia’s Indian Diaspora – A National Asset’ at the Australia India Institute, University of Melbourne. He was the keynote speaker for the official launch of the report and later engaged in a Q& with the Australia India Institute’s Chief Executive Officer, the Hon Lisa Singh, and Chief Executive, Business Council of Australia Jennifer Westacott AO, discussing how the strategy will contribute to Australia’s economic partnership with India.

A view of the IES Update launch at the AII.

The launch takes place a day after the 2nd India-Australia Virtual Summit, between PM N. Modi and PM S. Morrison.

As part of the Update to the India Economic Strategy to 2035 launched today, the Australian Government will provide additional investment in the relationship including:
$16.6 million to strengthen linkages with India’s key policy and finance institutions.
$8.9 million to support enhanced business engagement and an increased Austrade presence in India.

An AII media release says, ” The Institute’s CEO, Hon Lisa Singh, said the IES has created a blueprint for the future of our economic engagement and remains a key framework for driving the Australia-India relationship forward.

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“The India Economic Strategy, published in 2018 under the authorship of Peter Varghese AO, laid the foundation for a stronger Australia and India economic partnership,” Ms. Singh said. “This Update from the Department of Foreign Affairs and Trade provides the necessary focus for a long-term bilateral relationship in a post-pandemic world.

“Since its publication, we have also seen the launch of the reciprocal Australia Economic Strategy report in 2020, authored by Ambassador Anil Wadhwa, former Indian Secretary (East) of the Ministry of External Affairs. These two blueprints truly demonstrate the commitment both countries seek in strengthening economic ties,” she said.

During the event, Ms. Singh will launch the Institute’s new Strategic Plan: Building a Dynamic and Enduring Partnership, which she said complimented the framework of the IES.

“The IES has helped inform our new five-year strategy through the development of our program areas of security and geopolitics, bilateral economy, and cultural diplomacy.

“I look forward to the Institute working with the Australian Government with new energy and engagement to deliver on these new initiatives in the IES Update”, Ms. Singh said.

University of Melbourne Deputy Vice-Chancellor (International) Professor Michael Wesley said the University valued the Australia India Institute’s efforts to strengthen the enduring partnership between the two nations.

“The Australia-India relationship is an area of growing collaboration and cooperation for our University, greatly benefiting our research work and the dynamism of our student community and culture,” Professor Wesley said.

The Government today also publishes ‘Australia’s Indian Diaspora’, a national asset report which highlights the contribution Australia’s Indian diaspora communities are making to Australian society.

“Australia’s Indian community is young and highly educated and well represented across services and STEM sectors with strong export potential,” Mr Tehan said.

“Indian diaspora networks can make important contributions to our trade and investment relationship with India, and also to Australia’s international competitiveness generally.”

The Indian diaspora is Australia’s fastest-growing large diaspora community. The Indian-born population became Australia’s second-largest overseas-born migrant group behind the UK-born at 721,050-strong in 2020.

By SAT News Desk

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