Invest Australia opens office in New Delhi

Melbourne, Nov 23 (UNI) Invest Australia, the Australian Federal government's inward investment agency has made it easier for the interested Indian to invest in Australia by opening an office in New Delhi.

''Invest Australia estimates there is 1 billion Australian dollars of Indian investment in Australia in the process of being realised, reflecting the substantial growth in the sector,'' Mr Ian Macfarlane Australian Industry Minister said today.

Mr Macfarlane said the government's inward investment agency will work with business and industry to increase efforts to attract foreign direct investment in Australia.

Indian investment into Australia has increased by 158 per cent over the four years to the end of 2005, signalling growing interest in Australia as an investment destination.

''Australia is generating interest from Indian companies, not only in our resources sector, but as a location for providing significant value-add to the advanced manufacturing and ICT supply chain and as an important complementary market,'' Australian Minister further said.

Investment Australia already has presence in India with an office in the financial hub Mumbai. The New Delhi office is likely to complement the Mumbai operation. The Australian inward investment agency has employed 'experienced' Indian nationals to staff New Delhi office which would work in close cooperation with Austrade and the Department of Foreign Affairs and Trade (DEFT), he said.

''Invest Australia will now be able to increase the range and scope of its operations in India and encourage further investment from this burgeoning market,'' Mr Macfarlane said.

The Australian agency is credited with playing a verified role in attracting or facilitating 289 projects worth approximately 42 billion Australian dollars with the potential to create more than 21,000 jobs and generate 8.1 billion Australian dollars in export earnings, Mr Macfarlane added.

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