Austrade eyes India Friday, 11 April 2008TRADE Minister Simon...

Austrade eyes India


Friday, 11 April 2008

TRADE Minister Simon Crean has backed India’s potential as the new ‘it’ destination for Australian infrastructure and resource companies.



Unveiling the latest Austrade report on business opportunities in India, the minister described the country as a land of opportunity and encouraged Australian mining and other industry groups to get onboard the Asian nation.

"Australian business has the expertise and capacity to pursue the tremendous opportunities that India presents in the infrastructure and resources sectors,"
The Australian quoted Crean as saying at the report’s launch yesterday.

In what should spell good news for Australian resource companies, the Austrade report estimates business opportunities in India to be worth more than $50 billion over the next 12 months.

Meanwhile, India itself is on something of a mission to drum up interest in foreign investment. The Indian Government is taking steps to attract resource development through an overhaul of the country’s mining laws.

As noted in MiningNewsPremium.net yesterday, there is a small handful of Australian resources companies doing business in India. This presence may increase with legislative changes and industrial growth fuelling greater minerals sector activity.