India-Australia trade to touch Rs.2 lakh crore in three years

Kolkata, Feb 6: Australia’s bilateral trade with India is set to reach Rs.2 lakh crore ($40 billion) in the next three years, a trade official from that country said Monday.

“India is our 4th largest trade partner. With the surge in mutual trading, the trade figure is all set to reach Rs.2 lakh crore in the next three years. The volume of bilateral trade in 2010-11 was Rs.1.1 lakh crore,” Trade Commissioner Grayson Perry said here.

Perry, who was in the city to participate in a seminar on Indo-Australia trade, said his country was looking to invest in India, especially in the fields of vocational education, renewable energy among others.

“There is a large presence of Indian students in Australia and with a view to provide our expertise in vocational training we are looking here for investment avenues. Talks are on with people here and we hope to get concrete results soon,” said Perry.

He also invited Indian investment in the mining sector in Australia.

“Indian investment in Australia has now reached an estimated Rs.50,000 crore in which a major chunk is in the mining sector. I believe there is further scope of investment there as also infrastructure,” Perry added.