“Dosti” – Senator Hon. Penny Wong defines new success Mantra for the Australia India relationship at the AIBC Australia India International Business Summit

“Our relationship is built on many things, but fundamentally, it is built on shared interests. And it is why we think of our relationship as one of dosti – our friendship. So together, there is just so much that our two nations can achieve, and your work is central to that. Our partnership extends well beyond the bilateral because we share a region and whichever region that is being reshaped. Our relationship is profoundly important. It is profoundly important that countries with shared interests work together” said Senator The Hon. Penny Wong, Foreign Minister of Australia delivering the Australia India Address at the Australia India International Business Summit 2022 – organised by the Australia India Business Council on 24 August at the Four Seasons Hotel in Sydney.

Emphasising the special significance of the trade relationship and celebrating the 75th Indian Independence Day, the Australia India Business Council Ltd (AIBC) organised a three-day AIBC Australia India International Business Summit held from 23-25 August 2022. 

Welcoming the Chief Guest Senator, The Hon. Penny Wong and other eminent guests including Mr Tony Abbott former Prime Minister of Australia,

Mr Jim Varghese AM, National Chair of AIBC said “AIBC applauds the Australian Indian diaspora celebrating the 75th Anniversary of Indian Independence Day. There are no boundaries to the India Australia relationship. India is the right partner for Australia and Australian businesses must look to India as a market to supply rather than a market for consumption. The partnership between Australia and India will generate trade in many sectors. To effectively support the trade momentum generated by the Economic Cooperation and Trade Agreement (ECTA) between the two countries, AIBC has established a dedicated Australia India Business Enterprise (AIBE) to support and facilitate end to end B2B commercial transactions and Industry Chairs. AIBC will hold the Australia India International Business Summit as an annual business event”.

High Commissioner of India in Australia, H.E. Manpreet Vohra said “India has emerged as the fastest economy in the world. As we celebrate the 75th Anniversary of Indian Independence, India Australia relations have strengthened during the last decade and upgraded to CSP. This is an acknowledgement of our convergent views on geo strategic and geo economic issues particularly in the Indo Pacific region. ECTA is a watershed moment and opens large opportunities for businesses in both countries. It is time that Australian businesses appreciate New India. Even during the pandemic the Foreign Direct Investment in India by many countries has grown tremendously. It is time the business leaders to understand this potential India offers. I congratulate Australia India Business Council for the very well organised Australia India International Business Summit in this regard”.

A large contingent of business leaders, from both Australia and India and dignitaries, Members of Parliament across the political spectrum, high ranking Government of India officials attended and participated in this first ever Australia India International Business Summit organised by AIBC. Many Government and partner organisations including Department of Foreign Affairs and Trade, High Commission of India Canberra,  Consulate General of India, Sydney,  Investment NSW, Invest India, Austrade, Kerala Start-up Mission, Confederation of Indian Industry, Business Council of Australia, Business NSW, Export Council of Australia, NSW Indigenous Chamber of Commerce, Australia India Travel & Tourism Council participated in the Summit deliberations , business showcase and B2B sessions held during the three days.

The business outcome focused sessions, scheduled over the three days of the Australia India International Business Summit (AIIBS 2022), showcased the “New India – new bilateral business to business opportunities across several key industry sectors”. These sessions were highly engaging with the participation of leaders from the Australian and the Indian Governments, Corporate leaders, AIBC member organisations, First Nations Businesses, AIBC business partners and Startups founders. Apart from the Education & Future of Learning sector, several other sectors such as Defence, Aerospace, Cyber Security, Financial Services & Fintech, Tourism & Hospitality sectors were showcased. The program also included a strong focus on advanced manufacturing, smart/sustainable infrastructure, sustainable renewable energy, circular economy, and waste to energy solutions with large participation by several businesses across Australia and India both in person and digitally. There were several Business outcomes including business launch, solution showcase and MOUs facilitated during the summit. The Annual address and an impactful panel discussion hosted by Jodi McKay, with esteemed business and Govt delegates highlighted the need to create ongoing business to business connects, India opportunities literacy initiatives and regular showcase of a business cases studies and success stories build continued momentum on this bi-lateral engagement. The Gala event also showcased several business outcomes themed “Cultural Extravaganza” highlighting opportunities of collaboration in Art & culture, First Nation businesses and Textile – Design Industry collaboration at scale with India.

Irfan Malik – President – AIBC NSW State Chapter and Chair of the AIIBS 2022 Business Summit said “for the first time in the history of Australia India trade programs, the AIBC Business Summit had a strong focus on Australia – India Bi-lateral opportunities for the Indigenous and First Nations Businesses to leverage and accelerate engagement with the Indian market. This summit is also expected to spark-off unprecedented levels of cross industry engagement bringing industry bodies, university research centres, government agencies, startup ecosystems and business groups looking to collaborate on market validation and scaling up opportunities”.

Sheba Nandkeolyar – Immediate Past National Chair of AIBC and co-organiser of the Business Summit said “AIIBS 2022 Business Summit has created a huge momentum and successes to accelerate business to business outcomes and will be a key enabler for Australia India bi-lateral trade and engagement”.

Deepak Bagla – CEO and Managing Director of Invest India said “I congratulate AIBC for organising such a wonderful business summit. Our journey has just begun. There are huge opportunities for Australian businesses in India. We can work together in many sectors such as chemicals, pharmaceuticals, infrastructure, Airports and aviation services, Electric Vehicles, Renewable Energy, Hydrogen, logistics, biotech and Defence”.

AIBC also launched three new initiatives, AIBC Digital, AIBC Young Business Leaders Chapter and AIBC First Nation & Indigenous Chapter at this Business Summit.

Announcing another important milestone in the bilateral relations at this Summit, Senator The Hon. Senator Penny Wong said “my colleague, the Education Minister, Jason Clare, and his counterpart have discussed how Australian universities can help India deliver its plan to see 50% extraordinary objective 50% of young Indians enrolled in higher education by 2035. It is an extraordinary achievement. If they believe we can work together to do so'”.

The over 400 invited eminent guests were mesmerised with Senator Hon. Penny Wong’s inspiring speech and a powerful message “tonight we celebrate an extraordinary nation, an extraordinary nations past and present, for we look forward to an even brighter future. Jai Hind, Happy Independence Day!”

Media Release prepared by:   Vish Viswanathan, AIBC

Media Release approved by:   Jim Varghese, National Chair, AIBC