South Australia launches India engagement strategy 2016

By Nancy Choudary

Minister for Investment and Trade Hon Martin Hamilton Smith has launched India Engagement Strategy – 2016 on 16^th March at Adelaide Convention Centre. The launch was attended by Government officials, local business leaders and Indian diaspora.

The Government of South Australia is engaging with India through a long-term partnership approach that will create new commercial opportunities with India, providing future economic growth for both regions.

The Government’s vision is to enhance and deepen economic engagement with India and build a long-term mutual partnership encompassing investment, trade and business, education, sport, culture, the arts and sciences including an exchange of people, skills and ideas.

By 2030 India is predicted to be the world’s third largest economy with the largest middle-class and a relatively youthful consumer market.

India is one of the most dynamic markets in the world. The International Monetary Fund Forecasts Indian GDP growth of 7.5% in 2015-16, exceeding that of China for the first time since 1999.

India is South Australia’s sixth largest export partner and its export value is $736 million (in the 12 months to January 2016).

The State Government has renewed its India Engagement Strategy, to strengthen opportunities for South Australian exporters to expand their businesses and create jobs.

Minister for Investment and Trade, Martin Hamilton-Smith said the State’s relationship with India has evolved since the release of its India Engagement Strategy in 2012.

“This refinement of the original strategy will prepare South Australian businesses to embrace new opportunities that stem from our evolving relationship with India,” Mr Hamilton-Smith said.

“We have listened to exporters and updated the strategy’s priorities to help build on existing partnerships and seize new opportunities for collaboration.”

Key changes to the India Engagement Strategy include:

• Prioritization of a new Sister-State relationship with Rajasthan.
• Greater recognition of the opportunities for South Australian services exports in India.
• A reinvigorated platform of engagement comprising business missions, a new business education program, greater connections with the Indian diaspora in South Australia and activation of the South Australia Club in India; and
• Building stronger awareness of South Australia’s brand in India.

“Since development of the original strategy, changes have taken place in the domestic economy, including our new priorities, which have an emphasis on promoting the State’s international connections and engagement,” Mr Hamilton-Smith said.

“Major reforms have also occurred in India after the 2014 election of the Modi Government.

“We have identified a Government-to-Government approach as being effective in providing opportunities for commercial and cultural engagement.

“Education and training is a sector that presents many opportunities for increased engagement and partnerships between India and South Australia.

“India is South Australia’s second largest source of international students with more than 3489 students enrolled to study here, and all three of our universities are currently collaborating on research projects with leading Indian universities.

“Education, skills and innovation are critical to our efforts to create business and employment opportunities in our State and with India.”

Achievements under the strategy include the establishment of a dedicated team with expert staff in South Australia and in India as well as the most successful and largest business mission to India last August.

South Australian companies have also benefited from the increased engagement with India, with many companies establishing successful partnerships with Indian counterparts.

“This year we have established an extensive business mission program that will not only see the State Government lead a mission to India, but also to China, South East Asia, the Middle East and the North Atlantic regions,” Mr Hamilton-Smith said.

“It is this momentum that is supporting our endeavors to effectively engage with international neighbors for the mutual benefit of our regions,” he added.