As Australia’s trade focus swings away from China, the state of Queensland now claims India as it second largest export market and fourth largest trading partner, prompting Trade Investment Qld. (TIQ) to add to its existing presence there with a new trade and investment base in Mumbai. It is also pushing for direct flights from Brisbane to a range of Indian cities.
TIQ is the state government’s dedicated global business agency, helping Queensland exporters do business in international markets. According to its profile on LinkedIn, it has 16 overseas offices and 8 offices across regional Queensland.
The state already had a Senior Trade and Investment Commissioner for South Asia (covering India and Sri Lanka) based in Bengaluru (also called Bangalore). Now TIQ doubles its presence in the world’s fastest growing major economy with the new office in Mumbai, in a bid to expand on the $21.8bn worth of exports – representing a doubling of figures since 2018.
The expansion is part of a new 5-year plan to boost trade relationships, as part of the new Queensland-India Trade and Investment Strategy 2023-2027. TIQ’s goal is to assist and facilitate 22 deals for Queensland businesses in the Indian market this year, a 55% increase year-on-year, with the need for face-to-face contact with business partners viewed as a critical part of the process.
The strategy explores opportunities from the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) which removed tariffs on 85% of Australian exports and 96% of imports into Australia when it was introduced at the end of last year.
The vision is also anchored by the 2032 Olympic and Paralympic Games and collaboration between Indian and Queensland businesses, as India prepares its bid for the 2036 summer games.
India is projected to become the world’s third largest economy by 2030 and add more than $580 billion to its GDP each year up to 2032.
In an interview with the Courier-Mail (09 August 2023) the Australia India Business Council Queensland president Nik Senapati tipped the five-year plan to be a significant enabler in the bilateral trade.
“These actionable initiatives will enable trade to diversify into other sectors such as renewable energy, agriculture and sport, amongst others,” he said.
Read our related article: Trade with India in Spotlight.
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