Commerce and Industry Minister Suresh Prabhu today sought investments from Australian superannuation or pension funds in sectors including industrial corridors, ports, smart cities, airports and railway projects. Prabhu, who is in Australia for a two-day visit, said this while addressing nearly 25 Australian superannuation funds in Sydney.
The minister addressed representatives of these funds, who have huge investible assets.
He informed them about the steps being taken by India to attract investments and about the opportunities existing in India.
“He mentioned that the high growth of the Indian economy has largely been driven by the private sector and invited the Australian Superfunds to invest in India,” the commerce ministry said in a statement.
“Investment opportunities in various infrastructure projects such as industrial corridors, ports, smart cities, airports and railway projects were highlighted by him,” it added.
Australia’s superannuation funds are valued at 2.6 trillion Australian dollars (USD 1.93 trillion) as of December 2017. They are among the world’s largest in terms of volume.
The funds have exposure to various international markets. However, their exposure to Indian markets is still very limited, despite continued greater than average market returns in India.
Prabhu also stated that agriculture, services, education and manufacturing are the key areas of mutual cooperation between the countries.
Further, it said both the countries agreed to have greater collaboration between the Australian Trade and Investment Commission and Invest India. An MoU was inked between them to facilitate bilateral investment flows.
The bilateral trade between India and Australia increased to USD 18 billion in 2016-17 from USD 14.11 billion in the previous fiscal. Trade balance is highly in favour of Australia.