The South Australian government recently signed a Memorandum of Cooperation with the Export-Import Bank of India to further strengthen South Australia’s trade and investment ties with India. In Mumbai, as part of a week-long trade mission to India, South Australia’s Manufacturing, Innovation and Trade Minister Tom Kenyon signed the MoC with Mr TCA Ranganathan, the Bank’s Chairman and Managing Director.
“India is one of the largest economies in the world and South Australia is well positioned to support and benefit from India’s growth,” Mr Kenyon said. “This agreement provides the basis for a supportive, mutually-beneficial relationship with the Export-Import Bank of India which will focus on trade, business and investment opportunities”.
The MoC stated that each party has agreed to cooperate in regular exchanges of information on trade, business and investment opportunities between South Australia and India; locating suitable joint venture/trade partners to promote business opportunities and facilitate trade and investment; regular exchange of publications and other investment-related literature; organising seminars/workshops and training and skills development initiatives. “Our strategy emphasises four sectors in which the state’s strengths are aligned to India’s needs, aerospace and defence, energy and natural resources, education and training, and clean technology,” stated Mr Kenyon. Mr Raju Narayanan was recently appointed as Director India by the SA government to lead efforts to shape mutually beneficial business, investment and social relationships with India.
In another event, South Australia’s leadership in using industry clusters to successfully upgrade its manufacturing sector was highlighted at a major international conference in Mumbai on September 23. Mr Kenyon who attended the conference told delegates at a Global Economic Summit in Mumbai that South Australia was witnessing a transformation of its manufacturing industry from ‘traditional’ to ‘advanced’. “South Australia has a robust, diverse and outward looking economy which plays to our natural advantages and strengths,” Mr Kenyon said.
“The State Government’s manufacturing strategy, Manufacturing Works, outlines a pathway for this transition by encouraging high-tech precincts with clusters of businesses sharing knowledge and ideas.
“This reflects a growing international emphasis on bringing together research and industry to foster economic development based on a region’s strengths.
“Clusters spread risk, generate skill development and ultimately increase productivity,” Mr Kenyon said. “South Australia already has several outstanding business clusters, including a naval construction hub, a specialist bioscience hub and an agricultural, wine and food research precinct”.
The SA government has developed an India Engagement Strategy to take advantage of the close economic and cultural ties between India and South Australia.