Australia has rolled out a new roadmap aimed at strengthening trade and investment ties with India, targeting key sectors such as clean energy, education, agribusiness, and tourism. The plan was unveiled in Melbourne with Prime Minister Anthony Albanese, Foreign Minister Penny Wong, Trade Minister Don Farrell, and Assistant Foreign Minister Tim Watts marking the occasion.
India’s economic trajectory has placed it on course to become the world’s third-largest economy by 2030. Albanese stressed that deepening ties with India is crucial for Australia’s economic expansion and diversification. The roadmap aims to open doors for Australian businesses, helping them tap into one of the fastest-growing markets in the world.
To fuel this initiative, the Australian government has committed $16 million to the Australia-India Trade and Investment Accelerator Fund, designed to support Australian businesses keen on expanding into the Indian market. An additional $4 million has been allocated to the Maitri Grants Program, which will focus on building business networks and strengthening cultural and economic ties between the two countries.
The event also highlighted the role of the Indian community in Australia, which has grown to be one of the country’s most dynamic migrant groups. Farrell noted that harnessing the full potential of this relationship would create jobs, boost trade, and provide opportunities for businesses in both countries.
This roadmap builds on earlier agreements, including the 2018 India Economic Strategy to 2035 and the Economic Cooperation and Trade Agreement (ECTA) signed in 2022. Since ECTA came into effect, two-way trade between the countries has grown by 18%, with projections indicating that it could reach between $45 billion and $50 billion within the next five years.
The Business Council of Australia has welcomed the initiative, with Chief Executive Bran Black describing it as a structured plan to deepen trade ties. He pointed out that since ECTA’s introduction, industries such as energy, education, and technology have seen major growth, reinforcing the need to expand engagement with India.
The roadmap signals a broader ambition to integrate both economies more closely while also fostering stronger community ties. Australia’s Indian diaspora continues to play a crucial role in bridging cultural and economic connections, making this partnership more than just a government-to-government arrangement. With trade and investment at the heart of this collaboration, both countries are looking at a future of shared opportunities.
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Australia unveils a new roadmap to boost trade & investment wt India, targeting clean energy, education, agribusiness & tourism! 🚀 With $16M in funding, opportunities are expanding fast.🇦🇺🇮🇳#TheIndianSun @AlboMP @SenatorWong @Senator_Farrell @TimWattsMPhttps://t.co/eVwXClMqji
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