Investment NSW has launched its office in Mumbai to conduct business. This office will be operated by the Australian state New South Wales government’s trade and investment attraction agency.
This step has been taken just four months after Australia and India signed an interim Economic Cooperation and Trade Agreement (ECTA). Under the full free trade agreement, the Comprehensive Economic Cooperation Agreement (CECA), India and Australia plan to deepen bilateral trade and investment engagement in many key areas including textiles, leather, furniture, jewellery, machinery and select medical devices.
NSW’s Premier Dom Perrottet tweeted from Mumbai: “India’s significance to NSW cannot be understated. Two-way trade between India & NSW has now reached $4.6bn. We want that to grow. I’ve opened our NSW office in Mumbai, which will assist NSW businesses seeking trade & investment opportunities to access the lucrative Indian market.”
NSW’s Minister for Enterprise, Investment and Trade Stuart Ayres told local media that the office will work to deliver direct benefits for NSW.
Ayres tweeted: “India is a land of opportunity. It was great to open India’s @InvestmentNSW office today.”
The new office has been opened in Mumbai’s Bandra Kurla Complex. According to reports, the aim of this office in Mumbai is to boost investment and promote exports from New South Wales to India. Further, it will also strive to improve services trade by attracting more Indian students to NSW.
In 2020-21, as per reports, India was NSW’s third-largest source of international students, sixth largest source of tourists, and 11th largest two-way trading partner, with two-way merchandise trade at $4.6 billion.