Indo-Australian trade set to pass $8 billion

Chennai, Oct 10: The Indo-Australian two-way trade is set to pass the symbolic total of USD eight billion this year, Australian High Commissioner to India John McCarthy said today.

Speaking at the Annual General Meeting of the Indo-Australian Chamber of Commerce here, he said India was Australia's fastest growing significant export market with an average growth of 31.5 per cent per annum over the last five years.

India was Australia's sixth biggest export destination. In addition, two-way investment stood at over USD two billion and was growing, he added.

He said the key components of the relationship lay in energy and resources and services.

Winding up his six-day tour of Tamil Nadu, Mr McCarthy said Australia was working intensively to stimulate further its interchange with South India.

Pointing out that an acting Consul General was already in place in Chennai, he said the Australian Prime Minister, two other senior Ministers and three state premiers had visited Chennai in the past year or so.

Australian activity in Bangalore and Hyderabad had also grown significantly, he added.

UNI