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A
Matter of Perfectly
Matching Interests
On 13 March 2008,
the day when South
Australia Premier
Mike Rann was
in New Delhi holding
talks with Union
Minister for Commerce
and Industry on
stepping up bilateral
trade, the Indian
Cabinet approved
the country's
new National Mineral
Policy. It could
not have been
a better coincidence.
Because, Premier
Rann is on an
India mission
promoting joint
venture opportunities
between Australian
and Indian companies
in various fields,
especially the
mining and minerals
sector. India's
new minerals policy
is aimed at mainly
at attracting
the much-needed
Foreign Direct
Investment (FDI)
in the mining
sector in terms
of technology.
South Australia
has the right
technology to
offer in this
key industrial
area. A spokesperson
of the Indian
government has
said the new policy
can attract at
least $250 million
a year. According
to Premier Rann,
spending on mining
exploration has
now shattered
all previous records.
It has undergone
a 10-fold rise
over the past
five years.
“Indian
investors are
already looking
for investment
opportunities
across a range
of metals, including
uranium, gold
and silver. We
would like to
encourage this
relationship,”
Premier Rann has
said in an interview
to Indo-Australian
Business ahead
of visit to India.
He is optimistic
and confident
that the Indian
entrepreneurs,
now going global,
will surely grab
the business opportunities
that South Australia
offers.
South Australia
has been one of
the Australian
states that is
keen on stepping
up trade with
India, thanks
mainly to the
efforts of Premier
Rann, who has
the vision to
foresee the potential
existing between
the two sides.
He has already
visited India
thrice.
This month, Premier
Rann led his fourth
trade mission
to India, specifically
targeting industry
sectors of significance
to South Australia
and India. While
mining and defence
are the industries
leading South
Australia into
an era of on-going
prosperity, many
sectors - advanced
manufacturing,
information technology,
education and
agribusiness among
them-are contributing
to the expansion
of the economy.
In mining, the
largely untapped
reserve of riches
beneath South
Australia's soil
is becoming increasingly
attractive to
investors around
the world, including
India and creating
many opportunities
for developers
and suppliers
in businesses
directly and indirectly
related to mining.
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