08 August 2013
Australia should diversify its economic relationship with India or risk forfeiting a stake in one of the world’s largest emerging markets, a new report suggests.
The report, Unfinished Business: Re-imagining the Australia-India Economic Relationship predicts high future demand in India for services in which Australian companies have recognised expertise.
Published by the Australia India Institute, the report finds the two nations have complementary needs, as indicated by Australia’s growing energy exports to India. “The main challenge is to diversify and synergise other complementarities that exist between the two economies,” it finds.
“Australia must position itself as a nation whose skills and resources can facilitate India’s growth. Instead of hitting each other for six on the cricket field, Australia and India should team up to hit India’s growth obstacles and development challenges out of the oval.”
The report, authored by former Australian Trade Commissioner to India, Michael Moignard, identifies emerging 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.
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