Possibilities endless for promoting Indo-Australian business ties: Rudd (Part- III)
New Delhi, Nov.12 : India is a dynamic and diversified economy with an acknowledged infrastructure deficit and challenges in meeting the growing food and energy needs of its burgeoning population. Australia is a resource-rich country with a relatively small domestic market but a number of compelling comparative advantages, particularly in energy and resources. India is itself richly endowed with many mineral and energy resources. And so there is significant potential for reciprocal investment in our resource sectors, he added.
Rudd also said that he was of the firm belief that a comprehensive, commercially meaningful FTA between Australia and India could deliver substantial new market access for exporters and investors, and open up job opportunities in both countries.
He said that the designation of the G-20 as the premier forum for global economic cooperation was an historic occasion for India and Australia.
G-20 leaders recognised that a strong, stable and balanced global economy relies on:
1. Strengthened financial regulation;
2. Representative, legitimate and well-resourced international financial institutions;
3. An open trading system;
4. Strong labour markets; and
5. Support for those most in need.
He said that he was pleased that Australia and India are working together to address these five key challenges.
Governments have a responsibility in unlocking this economic potential, and this is one of the key challenges I will be discussing with Prime Minister Singh.
But thats only part of the story. Business leaders have an important role in recognising commercial opportunities and pursuing them whether they are in Mumbai or Melbourne. Im delighted that our Trade and Commerce Ministers have agreed to establish a CEO forum to bring together the business elites of our two countries to discuss opportunities and impediments to greater economic cooperation. I look forward to reading their recommendations in 2010 on what governments can do, he concluded.
Copyright Asian News International (ANI)
