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Invest Australia open for business in New Delhi.



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21 November, 2006 06/473

INVEST AUSTRALIA OPEN FOR BUSINESS IN NEW DELHI

Australian Industry Minister Ian Macfarlane today announced an important development for Indian investment in Australia with the opening of the new Invest Australia office in New Delhi.

Mr Macfarlane said the government's inward investment agency will work with business and industry to increase efforts to attract foreign direct investment in Australia.

"Invest Australia estimates there is A$1 billion of Indian investment in Australia in the process of being realised, reflecting the substantial growth in the sector," Mr Macfarlane said.

"Indian investment into Australia has increased by 158 per cent over the four years to the end of 2005, signalling growing interest in Australia as an investment destination."

"Australia is generating interest from Indian companies, not only in our resources sector, but as a location for providing significant value-add to the advanced manufacturing and ICT supply chain and as an important complementary market."

Invest Australia's New Delhi office complements the existing Mumbai operation and is staffed by experienced Indian nationals who work in close cooperation with Austrade and the Department of Foreign Affairs and Trade.

"Invest Australia will now be able to increase the range and scope of its operations in India and encourage further investment from this burgeoning market," Mr Macfarlane said.

Invest Australia is the Australian Government’s inward investment agency that helps international companies establish or build their business in Australia.

Over the past four years it has played a verified role in attracting or facilitating 289 projects worth approximately A$42 billion, with the potential to create more than 21,000 jobs and generate A$8.1 billion in export earnings. CMR06-579