Australia and India to sign Nuclear Deal today: Australian PM, Tony Abbott

Australia and India are to sign a Nuclear Agreement with each other today. This was announced by The Hon. Tony Abbott MP, Prime Minister of Australia at a Business Lunch organized in his honour by the Confederation of Indian Industry, Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi today. The Prime Minister observed that this was an initiative of predecessor, John Howard’s government which was being fructified under the Abbot government. 

The Prime Minister stated that he would work towards stepping up Australian investment in India. He felt that the current level of trade and investment between Australian and Indian companies did not adequately reflect the true potential of the relationship. He stated that bilateral trade between Australia and China was ten times higher than the bilateral trade between Australia and India and promised to take efforts to nurture the relationship with India. 

He was of the view that the early conclusion of the Comprehensive Economic Cooperation Agreement would help give a boost to bilateral economic relations and stated that his government intends to work towards concluding the agreement by the end of 2016. 

The Prime Minister stated that Australia could be a dependable partner in India’s progress especially in terms of Energy Security, Resource Security and Food Security. The Prime Minister also announced the formulation of a new Colombo Plan which would help step up the number of Indian students studying in Australia. 

He also announced that Australia was open for business and had undertaken several steps to make doing business in Australia much more easier such as removing mining taxes and setting up one stop shops for clearing investments. He invited Indian industry to invest in Australia. 

In her address, Ms. Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce and Industry and Minister of State for Finance and Corporate Affairs stressed on the need for Australian companies to step up their investment in India. She observed that between 2000 and 2014, Australian investment in India was about USD 600 million whereas Indian investment in Australia was of the order of USD 11 billion. She felt that with the measures taken by the new government, many new opportunities for investment by Australian companies have opened up and invited Australian companies to invest in India. 

Addressing the session, Mr. Ajay Shriram, President, CII stated that Indian industry looked forward to a comprehensive relationship with Australia in areas such as advanced technology, joint R&D, education and skill development, food processing services, vocational education and energy and environment. 

In his address, Mr Sidharth Birla, President, FICCI stated that the visit of Prime Minister Abbot would help take bilateral relations to a higher trajectory. He felt that some of the areas that the two countries could cooperate on included mineral resources, particularly coal, education and vocational training, nuclear energy, urban development planning as well as assistance with the project to clean the River Ganga. 

In his welcome address, Mr. Rana Kapoor, President, ASSOCHAM stressed on the need to step up bilateral trade and investment between the two countries which he felt was below potential. In his view, some of the areas where the two countries could work together on included cooperation in science and technology, setting up of multi-sector innovation hubs and water management among others.

Qatari Business Seeks to Step up Economic Engagement with India

Qatar is seeking to step up its economic engagement with India. This was highlighted at the India – Qatar Business forum organized by the Confederation of Indian Industry (CII) here today.

Speaking at the session, Mr. E M S Natchiappan, Minister of State for Commerce and Industry stated that India was embarking on a major infrastructure development program and welcomed investment from Qatar in that sector. He also mentioned that India was developing several industrial corridors in the country and these projects present a myriad of opportunities for investment by Qatari business. The Minister spoke of the role that Indian nationals were playing in Qatar in creating a positive image of India.

In his address, H E Mr. Sultan bin Rashid Al Khater, Under Secretary, Ministry of Economy and Commerce, Government of Qatar & Leader of the Qatari Delegation stated that Qatar was seeking Indian investment as the country proceeded on its privatization process. He also spoke about the synergies that the two countries have in the field of infrastructure. He called from businesses from both countries to leverage these commonalities and strengthen infrastructure in both countries.

Earlier, Mr. Anil Wadhwa, Secretary (East), Ministry of External Affairs stated that the volume and composition of bilateral trade between the two countries is not commensurate with its potential. He called for the two countries to step up their engagement in the energy sector. He felt that the two countries could also develop joint projects in third countries as well. Mr. Wadhwa also spoke about the opportunity presented by forthcoming FIFA World Cup in Qatar in 2022 and mentioned that Indian companies would be ready and willing to help Qatar develop the necessary infrastructure for the successful organization of this prestigious tournament.

Earlier, welcoming the delegates, Mr. K K M Kutty, Chairman, CII Committee of Gulf, Middle East, & North Africa & Chairman, South West Group stated that the Qatar could consider exploring opportunities for collaboration with Indian companies in various projects in the hydrocarbons sector – both upstream and downstream.

A high level 15 member Qatari delegation and about 40 senior representatives from Indian Industry participated at the event.   Senior officials from the Government of India including those from the Ministry of External Affairs, Ministry of Commerce and Industry and Ministry of Finance participated at the event. The Ambassador of India to Qatar and the Ambassador of Qatar to India also participated at the Forum. 

India, Africa are asserting their rightful places on global economic landscape: Anand Sharma

India and Africa are taking their rightful places in the emerging world order. Stating this in his keynote address in the inaugural session of the three-day 10th CII-EXIM BANK Conclave on India Africa Project Partnership being organised in New Delhi, Mr Anand Sharma, Minister of Commerce and Industry, Government of India, said that the 21st century will be the century of India, Asia and Africa.

Mr Sharma said the India-Africa partnership is “distinct and different”, exemplifying the spirit of South-South Cooperation. He urged the present generation to revisit the pages of history to remind itself of the greater goals that drive the India-Africa partnership. India has committed over $10 billion to Africa for infrastructural and development projects since the holding of the first and second India Africa Forum Summit meetings in 2008 and 2011, and is partnering in establishing 70 pan-African and regional institutions across Africa.

Mr Sharma cited agriculture and food security, healthcare and life sciences, infrastructure, energy and energy security, mining, and SME development as the priority areas for India-Africa partnerships. He made a special mention of the Buyers Credit that was introduced by his ministry for supporting Indian companies’ participation in African infrastructure projects.

Speaking about India’s technological progress, Mr Sharma said that India is now a global leader in ‘frugal innovation’ and a major R&D hub for Fortune 500 companies.

Referring to India’s key contributions to Africa’s healthcare sector, he said that India will stay committed to making available new generation life science products to Africa. India is also a world leader in the production of finished generics.

Rt. Hon. Dr Motsoahae Thomas Thabane, Prime Minster of The Kingdom of Lesotho, said that India’s development model is most appropriate to African economies. He cited education and training, science and technology, infrastructure development, and agriculture and food security as areas that offer immense scope for India-Africa partnerships.

Mr Thabane said that while the concessional lines of credit extended by the Government of India to Africa have played a key role in Africa’s development, there is a need for innovative ways to fully utilise the lines of credit to meet Africa’s future development needs.

Mr Thabane also said the lines of credit should be structured according to the development stage of each recipient country, and he urged India to increase the grant element and extend the repayment period.

Ms Arancha Gonzales, Executive Director, International Trade Centre, said in her address that in the emerging global order, countries need to focus on private sector development and comparative advantage as transformative tools.

Ms Gonzales urged India and Africa to direct sharper focus on SME development and cooperation in the broader framework of India-Africa cooperation. She said that Africa’s SME sector could leverage the experiences of India’s SME development in the services sector. Citing this, she said the success of ‘Incredible India!’ promotion could inspire an ‘Amazing Africa’ initiative.

Mr Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India, said, that India’s role in Africa’s capacity building will increasingly focus on areas like agriculture, private sector development, infrastructure development and manufacturing growth.

Mr Mathur said that about $5 billion worth of projects have been planned under the Buyers Credit that was introduced by the Ministry of Commerce & Industry, Government of India. He also said that EXIM Bank of India is in dialogue with the African Development Bank for the sharing of project development expertise.

Mr Noel Tata, Chairman, CII Africa Committee and Managing Director, Tata International Ltd, said, the committee is focused on promoting bilateral partnerships in areas such as agriculture, pharma and healthcare, mining, power and energy, transportation, SME development and skill development.

Mr Chandrajit Banerjee, Director General, CII, said in his opening remarks that over the last nine editions of the Conclave 985 projects worth $172 billion have been discussed. As many as 4,684 delegates from Africa and 4,292 delegates from India have participated in the nine previous editions.

At the session, a CII-McKinsey Report on “Joining hands to unlock Africa’s potential – A new Indian industry-led approach to Africa” and an EXIM Bank of India report on ‘Enhancing India’s trade with SADC’ were released.

Three MoU were also signed at the end of the session, between International Trade Centre and CII; International Trade Centre and UK Department for International Development; and EXIM Bank and Government of Republic of Congo.

Japan Ready to Support Industrial Development in India: Shinzo Abe

Mr. Shinzo Abe, Prime Minister of Japan, addressing the India-Japan Business Forum in New Delhi today said that Japan was ready to provide technology and other supports to India in order to revitalize its industry and economy. Mr. Abe especially highlighted the areas of cooperation as high-speed rail, medical care and medicines, agriculture and thermal energy. Japan’s technology prowess and India’s demographic advantage will create a ‘win-win’ situation, Abe said.

“Japan requires India as much as India requires Japan and both together can contribute to the betterment of the world”, said Abe.

Commerce and Industry Minister, Mr Anand Sharma, in his address at the Business Forum, said that the visit of Mr. Abe was a path breaking visit, which will redefine the Asia- Pacific region politically, strategically and economically. While appreciating Japan’s commitment to help India develop, Mr. Sharma expressed India’s readiness to closely work with Japanese Govt. and industry. He also said that besides the current focus of development on Delhi-Mumbai Industrial Corridor (DMIC), Govt. of India was also working on Amritsar – Kolkata Industrial Corridor (AKIC) and Mumbai-Bangalore Industrial Corridor (MBIC) and other infrastructure development projects.

Mr. Vikram Kirloskar, Chairman, CII Japan Committee, and Vice Chairman, Toyota Kirloskar Motor Pvt Ltd welcoming Prime Minister Abe said that Indian industry attached very high degree of importance to his visit and was full of hope and belief that it would take India-Japan strategic and global partnership to the next higher level.

Mr. Sidharth Birla, President, FICCI, said that India and Japan could be effective partners in the development of manufacturing sector and invited Japanese companies to invest in India in line with India’s ambitious National Manufacturing Policy (NMC).

Mr. BVN Rao, Patron Member, ASSOCHAM, in his address said that cooperation in infrastructure development in India would lead to increased business and investment opportunities for Japanese companies in India.

The India – Japan Business Leaders Forum (BLF) met earlier in the day and discussed on various matters relating to bilateral trade and investment, India – Japan CEPA, strategic areas like Science and Technology, Electronic hardware, Infrastructure and Energy and Cooperation in the Asia – Pacific region. The joint statement prepared by the BLF will be submitted to the heads of the two Governments.

The meeting was attended by over 350 persons representing Indian industry and Japanese business delegation accompanying Prime Minister Mr. Shinzo Abe.