Delegates from India’s automotive sector are visiting Melbourne and Sydney this week as part of Austrade’s Innovation Showcase.
The representatives from the Indian auto manufacturing industry, which is tipped to become the world’s fourth-biggest by number of vehicles this year, is examining potential collaboration opportunities with Australian companies and research organisations.
The delegation visited RMIT (see image below) and Swinburne University in Melbourne yesterday.
“India is becoming a major automotive hub and Indian companies are looking for partners to help build their global competitiveness,” said Austrade’s Senior Trade and Investment Commissioner for South Asia, Nicola Watkinson, in a statement.
As the nation’s automotive industry matures it is spending an increasing proportion of its revenues on R&D, and companies are increasingly looking to countries including Australia to “bridge the in-house capability gap”.
According to a KPMG report published in March, potential for Australian companies exists in light weighting; alternative fuels; optimisation of power train, chassis and other parts; vehicle electrification; vehicle electronics; and safety technologies.
Later this year Australia and India are expected to reach an economic partnership agreement, which will lead to freer trade.