Goyal to discuss investment avenues in India with Australian industry leaders

Commerce and Industry Minister Piyush Goyal will meet Indian and Australian CEOs this week to discuss investment opportunities, an official statement said on Sunday.

At the invitation of Don Farrell, the Minister of Trade and Tourism of Australia, Goyal will undertake a visit to Australia from September 23-25.

The minister will co-chair the 19th India-Australia Joint Ministerial Commission meeting to be held in Adelaide on September 25, during which both sides will discuss ways to further elevate the bilateral economic engagement.

"Commerce minister will interact with leading Australian and Indian CEOs and industry leaders and representatives from Australian pension funds to highlight the vast opportunities for investment in India," the commerce ministry said.

Both countries are looking at enhancing cooperation in areas like critical minerals, manufacturing, education, renewable energy, infrastructure, tourism, and space.

The visit also assumes significance as India and Australia have implemented an interim trade agreement and now is under negotiations to widen the scope of the pact into a comprehensive pact.

The bilateral trade between the two countries has dipped to USD 24 billion in 2023-24 from USD 26 billion in 2022-23. The trade is in favour of Australia as India's exports stood at USD 7.94 billion in the last fiscal year, while imports were at USD 16.15 billion.

Australia is the 25th largest investor in India with foreign direct investments of USD 1.5 billion during April 2000 and June 2024.