Australia sets up $16 mn fund to boost economic ties with India

Australia on Wednesday launched a roadmap to strengthen and diversify its trade and investment ties with India, kicking off the exercise with an investment of $16 million in the Australia-India Trade and Investment Accelerator Fund. 

The Fund is aimed at helping Australian businesses tap into India's fast-growing market and unlock fresh commercial opportunities.

The Australian government also announced an additional $4 million investment into its Maitri Grants programme which aims to enhance people-to-people, business-to-business, and cultural ties between the two nations.

The strategy focuses on four key "superhighways of growth" - clean energy, education and skills, agribusiness, and tourism. The roadmap outlines a clear pathway to enhance ongoing efforts, boost two-way investment, and collaborate with Indian-Australian communities and businesses.

"India is an essential partner as we diversify our trade links to boost prosperity for all Australians," Prime Minister Anthony Albanese said.

"This roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia's economy, our businesses and jobs, and our prosperity," he added. The document released by Albanese's office highlights nearly 50 targeted opportunities to accelerate engagement with India across several sectors, including defence industries, sports, culture, space, and technology.

Australia's existing free trade agreement with India has already saved businesses hundreds of millions of dollars and is expected to save exporters around $2 billion in tariffs by the end of the year.