Industry & Investment New South Wales (I&I NSW) Director General, Dr. Richard Sheldrake, has completed a two day visit to India with an aim to promote investment and trade opportunities for Sydney, Australia’s financial capital, and the Australian state of New South Wales.
Targets Indian financial services, ICT, minerals and energy and agribusiness companies to explore investment opportunities
- Signs MoU of mutual co-operation with Indian Merchant Chambers
- Announces Mphasis investment in ICT development centre in NSW
- Announces SP Jain investment of US$ 44.42 mn to set up a new campus
- Launches social media campaign to promote education
Industry & Investment New South Wales (I&I NSW) Director General, Dr. Richard Sheldrake, has completed a two day visit to India with an aim to promote investment and trade opportunities for Sydney, Australia’s financial capital, and the Australian state of New South Wales.
I&I NSW supports innovative, sustainable and globally competitive industries through its strong technical knowledge and scientific capabilities. During the visit, Dr. Sheldrake held talks with representatives of major Indian companies including Aditya Birla Group, Poddar Group and Essar Group, amongst others.
Representing the Government of New South Wales, Dr. Sheldrake signed a Memorandum of Understanding of mutual cooperation with Mr. Dilip Dandekar, President, Indian Merchants’ Chamber. I&I NSW and IMC will explore opportunities of working together in:
- Engagement of IMC’s businesses with NSW companies and for inward investment opportunities
- Any collaboration opportunities in the water management and climate change areas that are focus areas for IMC in the current financial year.
“Our focus is India. We have recently opened a dedicated trade office in Mumbai, we are actively strengthening our bilateral trade agreements between our financial capitals, Sydney and Mumbai, and we are building new trade relationships between New South Wales with many Indian industrial centres.
“In particular, NSW is providing targeted assistance to build research excellence to attract investment from around the world to targeted industries for commercial application,” Dr. Sheldrake said.
NSW is targeting an annual increase of 12% in NSW business investment in research and development. The State has secured US$ 300 million of major Australian Government research funds in 2010 to assist the achievement of this target.
According to a recent report released by the Columbia University’s ‘Vale Columbia Centre, India is now the world’s 21st largest outbound investor. Annual FDI outflows have jumped fifty-fold after 2000, and Indian firms have invested over US$ 75 billion overseas in the past decade. The Government of New South Wales is inviting Indian companies in the financial services, ICT, minerals and energy and agribusiness to explore business and investment opportunities in Sydney and its regions.
According to Mr. Rohit Manchanda, Director-Trade & Investment, NSW, who leads I&I NSW activities in Mumbai,
“More and more Indian firms are looking to expand operations globally, presenting significant opportunities in areas of traditional strength for NSW.
“Quite simply, NSW leads the nation in ICT. We have 43 per cent of Australia’s total employment in the ICT, which is around 155,000 jobs,” Mr Manchanda said.
Since July 2009, Indian investment in New South Wales has exceeded US$ 592.3 million.
Recent deals include:
- SP Jain Centre of Management to open a campus in NSW for its Indian MBA students with an investment of US$ 44.42 million
- MphasiS to establish an ICT development centre in Wollongong and is expected to create at least 265 highly skilled jobs
- Gujarat NRE Coking Coal Limited, which already owns and operates two underground coal mines in New South Wales, announced a planned US$ 494 million investment in the expansion of their operations over five years
- Riverina Oil and BioEnergy (ROBE) announcement of a US$ 62.2 million investment in an oil seed crushing and refining plant, backed by a consortium of Indian investors
While in India, Dr. Sheldrake also launched the NSW Government’s pilot social media campaign to promote Sydney and NSW as a world-class education destination. The campaign uses Facebook to help Indian students who are considering studying in Australia to link to students who have studied in Sydney and NSW and learn more about their options. The site features case studies of a number of successful former and current students and provides information and referral to additional sources of information.
For more information please contact:
Nilanjana Nangia,
Genesis Burson Marsteller,
+91 99860 74334
[email protected]
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