Trade and business ties between Queensland and India are set to be strengthened with the launch of the Queensland-India Trade and Investment Strategy.
The Queensland-India Trade and Investment Strategy 2018–2023 aims to deliver a $1.5 billion trade boost to the state’s economy and make it easier for Queenslanders to do business in India.
Launching the new strategy in Bengaluru (Bangalore) on 28 November, Minister for Innovation and Tourism Industry Development Kate Jones said India was a key market for Queensland exports.
‘India is Queensland’s third-largest merchandise export market,’ she said.
‘That’s why it’s crucial we have a tailored trade and investment strategy to build our successes in this market.
‘New data released today shows with this strategy, we can expect to boost exports to India by 15% over the next 5 years – that’s a $1.5 billion injection to the state’s economy.’
Ms Jones announced the Queensland-India strategy while on a trade mission to India, saying that it would boost the economies of both Queensland and India through trade and investment activities.
The strategy commits Queensland and India to working in partnership to:
- elevate the profile of the Queensland-India relationship
- build business capacity
- develop market intelligence
- foster relationships between businesses in Queensland and India
- facilitate collaborative projects.
Queensland’s implementation of the new strategy will be supported by TIQ India, led by Queensland Trade and Investment Commissioner Gitesh Agarwal.
In 2017, Queensland sold more than $9.4 billion of goods to India, a 34% increase on the previous year and more than 60% of Australia’s total exports to India.
India is also Queensland’s second-largest source of international students, and a growing source of inbound tourists, with around 76,000 Indian holiday-makers heading to Queensland last year.
The Queensland-India Trade and Investment Strategy is the first country-specific trade and investment strategy developed as part of the Queensland Trade and Investment Strategy 2017–2022.
If you’d like advice or support to export your product to the Indian market, connect with TIQ today.