India-Australia Diaspora: A Catalyst for Strengthening Economic Partnership

By siliconindia   |   Tuesday, 02 May 2023, 13:05 IST
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India-Australia Diaspora: A Catalyst for Strengthening Economic Partnership

The India-Australia diaspora is a key factor in strengthening the partnership goals, serving as a cultural and economic bridge for deeper engagement in various fields

Australia’s Indian diaspora is a valuable asset that can be harnessed to create economic and trade partnerships. The assistant minister of foreign affairs expressed his desire to fully utilise the economic potential of the Australia-India relationship.

In 2018, India provided the best growth opportunities for Australia among other markets. There is vast potential for economic ties between Australia and India, and the Indian diaspora living in Australia plays a vital role in unliking their potential. India is a unique market that is offering Australia enormous growth opportunities over the next two decades. The Indian diaspora can facilitate personal connections and shape perceptions that can help strengthen the relationship between the two countries beyond what governments can achieve.

In the Australia-India business engagement roundtable, business leaders and policymakers discussed the potential of the economic relationship between Australia and India. The Indian-Australian diaspora is a significant contributor to the growth, which is close to one million, with around 670,000 of them being born in India. India has become Australia’s largest supplier of skilled migrants and the second-largest source of international students. The Indian-Australian community is being energetic, young, ambitious, dynamic, and influential.

India is praised as a trustworthy partner and expressed enthusiasm for the relationship between the two countries, which had recently been elevated to a comprehensive, strategic partnership. Australia is making unprecedented investments in new programs with India, which include initiatives to strengthen science, technology, and innovation partnerships between the two countries.

Australia is investing in a strategic research fund, aimed at supporting collaborative research between the two countries. It is planning to establish a consulate general in Bengaluru this year to strengthen its connections with industries in Southern India.

A new joint Australia-India Centre of Excellence on critical and emerging technology policy will be established in Bengaluru, which will bring together stakeholders from various sectors such as industry, government, academia, and civil society to develop policy frameworks on technology.

With a growing population of Indian origin in Australia, there is a strong cultural and economic bridge between the two nations, which can catalyse deeper engagement in various fields, such as trade, investment, education, and innovation. As India continues to pursue its ambitious economic agenda, Australia can provide a valuable partner in areas such as agriculture, mining, technology, and services, while also tapping into the Indian market for its exports. Overall, the India-Australia diaspora is an important asset that can help foster a more dynamic and mutually beneficial relationship between the two countries, based on shared values and interests.