08 August 2013 1:00 pm
Changes occurring in India present a once-in-a-generation opportunity for Australia and India to redefine their economic relationship.
Former Australian Trade Commissioner to India Michael Moignard talks about key sectors in which Australian businesses should focus their energies in order to gain a lasting and profitable foothold in the Indian market.
A new approach could turn a trade relationship dominated by resources sales to India and fee-paying Indian students, into one in which Australian companies provided a wide array of services to India's emerging middle class.
Moignard, the author of a new paper on the subject, sees opportunities in town planning, architecture, childcare and aged care, online medical services, education and skills training, infrastructure, finance and insurance, environmental and waste management, transport and logistics.
Australia’s mineral wealth will not last forever, Moignard writes. The main challenge, his reports argues, is to diversify and synergise other complementarities that exist between the two economies.
'Australia must position itself as a solution provider whose skills and resources can facilitate India’s growth. These two nations, which have long been rivals on the cricket field, can and should team up to hit India’s growth obstacles for six. By helping India realise its development goals, Australian companies can also expand their customer base, with obvious benefits for both countries."
Download Moignard's paper here: