Possibilities endless for promoting Indo-Australian business ties: Rudd (Part- II)
New Delhi, Nov.12 : According to the OECD, Australia is projected to have a lower deficit in 2010 than any of the Major Advanced Economies.
We also have the lowest debt of all the Major Advanced Economies, with government net debt projected to peak at 10 per cent of GDP in 2013.
Australia is globally acknowledged for our resilient banking system and strong prudential and regulatory regimes:
Of the world's nine remaining AA plus rated banks, four are Australian; and
The percentage of nonperforming bank-to-bank loans in Australia is among the lowest in the world.
The strength of our banking system reflects a strong set of regulatory arrangements and a smart industry model.
Most significantly, Australia prides itself as a good place to do business.
In its 2009 survey, IMD rated Australia as one of the four most resilient economies globally, and the strongest in our region.
The World Bank ranked Australia as one of the most business-friendly economies in the world, offering a business environment that is both stable and flexible.
And our corporate governance environment has also been ranked first by based on measures like:
The transparency of our business and regulatory culture;
The power and rights our shareholders enjoy; and
The interaction between Government and business.
As far as India was concerned, Rudd said the strategic weight and structure of its economy have seen it withstand the impacts of the global economic crisis better than most.
India has managed an impressive six per cent growth at a time when few other economies have managed any growth at all. India has truly emerged as a central pillar of regional and global economic strength and significance, he said.
India is already Australias fastest growing major two-way trading partner trade in goods was worth nearly 18 billion dollars in 2008-09. One important part of our relationship is of course the large number of Indian students who come to Australia - nearly one-fifth of the half a million students who come to our country. These students represent the future of Indian and Australian business and those who study together, stick together. And the Australian Government is committed to doing all that is physically responsible to ensure all international students in Australia have a safe and rewarding experience during their time as welcome guests in our nation. Indian students are welcome guests in our country and we have an obligation to extend the hand of friendship and support to all our Indian visitors, he said.
Copyright Asian News International (ANI)
