COIMBATORE: With the Indian government planning to allow 100 per cent FDI in defense, Australia today said it is keen on exploring investment opportunities in the sector.
“Yes, Australia is keen on exploring investment opportunities in the sector. We have expertise in niche areas of defense production,” Sean Kelly, Australian Consul-General for South India, told reporters here.
Australia will also look at opportunities in the mining sector, which has been constrained due to a host of issues, he said, adding that despite 100 per cent FDI in the sector, flow of foreign investment remained quite low.
Australian Trade Commissioner and Consul (commercial), Michael Carter, who was also present, said, “The people are waking up to the opportunities in the light of ‘Modified’ India”.
“Though trade between the two countries fell 14 per cent to 15.2 billion Australian dollars (AUD) (USD 14.27 billion) in 2013, the country is confident that it will pick up following the formation of a stable government in India under Narendra Modi,” he said.
While Indian companies invested about AUD 8 billion in his country, investments from Australian firms into India were only around AUD 2.5 billion, he noted.
“This will change. In the light of a ‘Modified’ India, people are waking up to the opportunities and will stimulate trade and investments,” he said.
Carter said more investments are happening in the IT sector and added that Australia has emerged as a profitable hub for tech majors like TCS, Infosys, Wipro and Cognizant. –PTI
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