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Australia and India to boost economic cooperation

economic cooperation

The Australian government said it will provide additional investment in the relationship including $16.6 million to strengthen linkages with India’s key policy and finance institutions

The Scott Morrison government is investing over $280 million to boost cooperation with India, to further grow its economic relationship and support jobs and businesses in both countries, the Australian government said in a press statement on Tuesday.

The Australian government said it will provide additional investment in the relationship including $16.6 million to strengthen linkages with India’s key policy and finance institutions as part of the Update to the India Economic Strategy to 2035. They will also provide $8.9 million to support enhanced business engagement and an increased trade presence in India.

India and Australia held a virtual leaders meeting on Monday, where Australia committed $17.2 million to extend the Australia-India Strategic Research Fund to continue supporting a world-class relationship and establish an Australia-India Innovation and Technology Challenge.

According to the government release, $35.7 million will be given for a Green Steel Partnership, a Critical Minerals Research Partnership, and a contribution to the International Energy Agency to support cooperation on research, production and commercialisation of clean technologies, critical minerals and energy.

$25.2 million will be allotted to expand the Australian Space Agency’s International Space Investment initiative to deepen space cooperation with India. As many as $28.1 million will be allocated to launch a Centre for Australia-India Relations to deepen community ties, promote public discussions and policy dialogue, and engage the Indian diaspora.

Australia’s Minister for Trade, Tourism and Investment Dan Tehan said the Morrison Government was investing to grow the Australia-India economic, trade and investment relationship.

India and Australia share common values, complementary economies and strong people-to-people links that make us ideal partners, Tehan said. Our partnership with India is vital as we both strive for stronger, sustainable economic growth and more secure and diversified trade and investment patterns and supply chains.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.