Albury businesses urged to tap into Indian market boom

Austrade media release

06 Nov 2006

Albury companies wanting to succeed in Australia’s fastest growing trade destination – the multi-billion dollar Indian market - can learn from India-based market experts at a FREE seminar to be held on Friday, 10 November (details below).

Austrade’s New Delhi–based Senior Trade Commissioner, Mike Moignard, will join a team of India-based industry specialists to provide fresh information into market trends and sectoral opportunities to gear up for export success in our sixth largest export market.

In 2005-06, Austrade assisted 91 NSW businesses achieve over $141 million dollars worth of exports to India. Australian exports to India jumped to $7.3 billion in 2005-06 from the previous year, but this is just the tip of the iceberg, according to Mr Moignard.

“India’s emerging middle class of over 241 million with significant purchasing power is putting new opportunities on the radar for local businesses,” Mr Moignard said.

According to Mr Moignard, India’s dramatic resurgence is driven by its sustained economic growth.

“The Indian economy is growing strongly at 8 per cent GDP, pushed along by the transformation of the Indian market,” Mr Moignard said. “50 per cent of India’s 1 billion strong population is under 25 years old. This demographic is driving demand for new products and services.”

More than 200 malls are planned for construction in the next 18 months alone – making India home to the fastest growing mall development in the world. The Indian organised retail sector, which accounts only for 3 per cent ($9.3 billion) of the total retail sector, is expected to grow to over $25 billion by 2010.

Another significant growth area is infrastructure. India’s investment in airports, roads, mining, oil and gas, power and telecommunications will top $265 billion in the next five years.

“Operating in a market of this size is not without challenges, but it’s a market in which Australian innovation and expertise will find exciting new avenues for business success,” Mr Moignard said. “For example, the 2010 Commonwealth Games in New Delhi has opened up great new opportunities for our exporters.”

Other key growth sectors for Australian companies include: aviation, education, ICT, food and beverage, services, mining and resources, and travel and tourism.

“With Australian exports to India growing in excess of 25 percent, opportunities for our exporters are as dazzling as any Bollywood blockbuster,” Mr Moignard said.

The media is invited to attend.

EVENT: Riding the Elephant – Achieving Export Success in India
DATE: Friday, 10 November, 8.30am to 12.00 noon
COST: FREE
VENUE: Albury Club, Department of State & Regional Development

For more information or to register call 13 28 78.

Austrade’s Senior Trade Commissioner, Mike Moignard, is available for interviews.

ENDS

Media contact

Purnima Ganapathy
Tel: 02 9390 2319
Email: purnima.ganapathy@austrade.gov.au

For further news and information from the Australian Trade Commission (Austrade) visit www.austrade.gov.au//mediacentre.