The trade and investment relationship between Australia and India is likely to get a boost with the launch of the Australia India Business Exchange (AIBX).
AIBX will provide businesses in both nations with market insights and connections to foster commercial partnerships that will help generate jobs and business opportunities in Australia and India.
The establishment will assist Australia’s premium food, beverage and consumer product providers to access e-commerce channels to offer Indian consumers greater access to their high-quality products. They will also support services and technology providers to grow partnerships and build resilient supply chains in the mining, resources, and infrastructure sectors.
Australia’s minister for trade, tourism, and investment Dan Tehan on Tuesday launched the Morrison government’s flagship program to advance trade and investment with India.
“Australia and India already share common values, interests, and histories and the Australia India Business Exchange will strengthen that friendship,” Tehan shared. “AIBX presents opportunities to build on our close people-to-people ties and a shared vision for a secure and prosperous Indo-Pacific. AIBX will give business owners the confidence and capability to engage across our two markets.”
India was Australia’s eighth-largest trading partner and third-largest market for services export in 2019-20. Two-way goods and services trade totaled $26.2 billion in 2019-20 and the two-way stock of investment was $36.7 billion in 2019.
AIBX delivers on commitments in the comprehensive strategic partnership and the Government’s response to the India Economic Strategy.
The 2021 program will be overseen by the Australian Trade and Investment Commission (Austrade) and include virtual events, in-market activities, and online resources to support Australians and Indians throughout the business exchange.