SA strengthens trade and investment links with India

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, Manufacturing, Innovation and Trade Minister Tom Kenyon joined the Bank's Chairman and Managing Director, Mr T.C.A. Ranganathan at the MoC signing this afternoon.

"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 states that each party has agreed to cooperate in activities such as:

• 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 between South Australia and India
• regular exchange of publications and other investment-related literature
• organising seminars/workshops, and
• training and skills development initiatives.

"The Export-Import Bank of India will be a key supporter in promoting South Australia as an attractive investment destination for Indian companies," Mr Kenyon said.

"The MoC also complements work already underway to implement the South Australia - India Engagement Strategy.

"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.

"The State Government, through the Department for Manufacturing, Innovation, Trade, Resources and Energy will now work closely with the Export-Import Bank of India to identify future opportunities for collaboration across these and other key sectors.

"The State Government recently appointed Mr Raju Narayanan as Director India to lead our efforts to shape mutually beneficial business, investment and social relationships with India," Mr Kenyon said.

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