NASSCOM and NSW Ink MoU to Foster Australia-India Tech Corridor

By siliconindia  |  Friday, 15 March 2024, 05:51:51 PM IST

NASSCOM and NSW Ink MoU to Foster Australia-India Tech Corridor
In a landmark move to bolster bilateral economic ties and foster technological collaboration, the apex body of the Indian IT industry, NASSCOM, and Business NSW, a prominent Australian not-for-profit membership organization, have signed a Memorandum of Understanding (MoU) in Sydney. Leveraging the Australia-India Economic Cooperation and Trade Agreement (ECTA), this agreement aims to position New South Wales (NSW) as a central hub within the burgeoning Australia-India technology corridor.
Under the MoU, NSW and Indian technology companies will benefit from accelerated access to each other’s markets, fostering greater collaboration between their respective tech ecosystems. Investment NSW Deputy Secretary, Katie Knight, highlighted that NASSCOM members will now gain access to the International Landing Pad, a dedicated space within the Sydney Startup Hub facilitating connections within the NSW innovation ecosystem.
With India boasting a formidable $254 billion tech industry as of FY2024, Knight emphasized the anticipation of welcoming Indian startups and scaleups to Sydney through the International Landing Pad. This move is expected to yield significant economic benefits stemming from closer collaboration between the two innovation ecosystems.
Reciprocally, NSW technology firms will gain access to NASSCOM’s suite of services, facilitating the identification of suitable partners and clients to expand their footprint in the Indian market. David Harding, Executive Director of Business NSW, stressed the opportune moment for industry stakeholders to capitalize on the existing free trade agreement and the potential of a forthcoming comprehensive one.
The MoU holds particular significance for Indian technology businesses, especially SMEs and emerging enterprises, as it paves the way for their expansion into Australia. Shivendra Singh, Vice President & Head of Global Trade Development at NASSCOM, highlighted the benefits accruing from the initiative, including lowered setup costs, expedited market entry, and enhanced credibility for participating companies.
 

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