The Hindu : Business : Australian bank keen to invest in India

Online edition of India's National Newspaper
Wednesday, Mar 23, 2005

Business

Business

Australian bank keen to invest in India

By Our Special Correspondent

NEW DELHI, MARCH 22. The Global Foundation Mission to India favoured closer economic cooperation between India and Australia that could lead to more investments flowing into India.

The CEO of the Commonwealth Bank of Australia, David Murray, who is leading a high-level delegation of the Mission to India, said the Commonwealth Bank, subject to approval, would like to invest in India.

"Australia is a mature economy and we have the expertise, technology and range of services to participate in the Indian economy, especially in the banking sector." However, "we would like to participate only if we are in a position to add value to the Indian economy, " Mr. Murray said while addressing an interactive session with industry leaders, organised by the Confederation of Indian Industry (CII). He said the banking and financial sectors in India needed to grow at a fast clip, if they were to accommodate the fast GDP growth in the country. India was important for Australia, and vice-versa.

Mr. Murray remarked that tourism was a big industry in Australia, and there was a need to encourage two-way traffic. India could use the Australian knowhow in developing its agriculture sector, he added.

He said education was highly regarded in Australia, and 84 per cent of research was conducted in Australian universities. Therefore, education was another area, where India could reap the benefits, he commented. In his remarks, David Miles, Chairman of the Global Foundation said it was time to "look at the relationship with India beyond cricket." He stressed on intense bilateral and commercial engagements, as closer interaction was key to improved relations.

On the occasion, CII and the Global Foundation inked a Memorandum of Understanding, according to which, both organisations would endeavour to undertake studies on various themes that would benefit their respective members. The two bodies would take initiatives to promote bilateral trade and advise the Governments of the two countries on behalf of the respective business communities.

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