Australia is eyeing India’s multi-billion-dollar auto industry as a key source for new export opportunities.
Speaking to media during a three-day visit to New Delhi, India, Australian Minister for Innovation, Industry, Science and Research Senator Kim Carr said that Australia was looking to build stronger ties between its automotive industry and the Indian market.
"With the help of the Australian Government’s new car plan for a Greener Future, our auto industry has not only survived the global economic downturn but is transforming and becoming a world leader in new technology," Senator Carr said on Monday..
"This expertise makes our companies attractive partners for international companies including India.
"Earlier this year, I opened a new facility at SMR Automotive Australia, an Indian owned company based in South Australia. This venture is creating new Australian jobs, skills and products through design and production of world class lightweight mirrors for cars," he said.
According to Senator Carr, Indian auto companies will specifically benefit from new innovations in aerospace industries and by partnering with Australian industries, they will not face Intellectual Property rights issues especially in building or supplying aeroplanes and turbo propellers to world markets.
The Senator noted that a stronger link with Australia will place India in a better position to develop more vehicle design, manufacturing processes and low emission technologies.
The Australian Federal Government recently introduced R&D Tax Credit Legislation which is aimed at transition Australia into a lower emitting economy.
Senator Carr met with several Indian car manufacturers yesterday, including Mahindra & Mahindra and Tata Motors. He also met with scientists from Indian Institute of Technology who already have collaboration with Monash University of Australia.
Senator Carr will meet the Society of Indian Automobile Manufacturers and Automotive Components Manufacturers Association of India, as well as Commerce and Industry Minister Anand Sharma, Telecom and Human Resource Development Minister Kapil Sibal and Science and Technology and Earth Sciences Minister Vilasrao Deshmukh today (Tuesday) in New Delhi.
Australia is also formalising bilateral comprehensive Free Trade Agreements with India which is expected to open up more trade opportunities for both the countries, Senator Carr said.