Queensland bolsters trade relationship with India
8 August 2023
- More businesses to benefit from Queensland-India Trade and Investment Strategy 2023–2027
- Trade and Investment Queensland to open second Indian trade office to increase presence in the fastest growing major economy in the worl
- Queensland exports to India have doubled to $21.8 billion since 2018
- The strategy explores opportunities from the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA).
- The strategy is funded under the $150 million Queensland Trade and Investment Strategy 2022–2032.
- Direct flights between Brisbane and India will be prioritised
The Palaszczuk Government will open a second Trade and Investment Office in India by the end of the year as part of the new Queensland-India Trade and Investment Strategy 2023-2027.
The second office will be set up in Mumbai, and alongside the first office in Bengaluru will further build upon Queensland’s $21.8 billion worth of exports to India.
Under the new five-year strategy, Trade and Investment Queensland’s (TIQ) goal is to assist and facilitate 22 deals for Queensland businesses in the Indian market this year, a 55 per cent increase year-on-year.
Deals such as the one TIQ assisted Gold Coast-based cosmetic company SkinO2 land earlier this year.
In 2022 Skin O2 engaged TIQ to assist in entering the booming Indian cosmetics sector.
TIQ introduced Skin02 to India’s leading luxury beauty retailer Baccarose in July that year.
After several online and in person meetings, Skin02 finalised a three-year deal in June, which will see the Queensland company go from exporting $200,000 of products to India to forecasting $10 million.
Through this strategy more Queensland businesses will benefit from more direct access to India’s market for exports and imports.
India is already Queensland‘s fourth largest trading partner and second largest export market, with exports doubling over the past five years.
This is expected to increase as India is projected to become the world’s third largest economy by 2030 and add more than $580 billion to its GDP each year up to 2032.
The strategy is anchored by the Australia-India Economic Co-operation and Trade Agreement which removed tariffs on 85 per cent of Australian exports and 96 per cent of imports into Australia when it was introduced late last year.
Another anchor is the 2032 Olympic and Paralympic Games and collaboration between Indian and Queensland businesses as the country prepares its bid for the 2036 games.
The strategy targets the priority sectors of new energy, mining and METS, international education and training, biomedical sciences and health, enabling and innovative technology, food and agribusiness, tourism, screen and sport.
Trade and Investment Queensland will target these sectors by increasing Queensland’s presence in India by forging ties with key states, proactive marketing, presenting at showcase events, directly engaging with industry stakeholders, increasing Queensland businesses’ understanding of Indian business culture and leveraging connections through sport.
Some key initiatives in the first year of the strategy include:
- ICC Cricket World Cup - host clients across three locations
- Study in Queensland Roadshow
- IME (International Mining, Equipment and Minerals Exhibition) – Queensland Pavilion and business mission
- Annual Study Queensland program of inbound delegations and in-market events to support research partnerships
- Avocadoes-to-India initiative
- India-ready program to build India business capability
- India consumer initiative - skin and personal care companies
- Go Global Export Program – tailored to businesses looking to export to India
Quotes attributable to Treasurer and Minister for Trade and Investment, Cameron Dick:
“Whether it’s exporting through proud Queensland companies like Skin O2, or getting more involved through industry, university or research collaborations and partnerships, we are committed to growth.
“Face-to-face interactions are vitally important in business in India which is why the Queensland India Trade Strategy focuses on providing Queensland businesses with more opportunities to build strong relationships with potential partners.
“Under the strategy, the Palaszczuk Government and TIQ will also push for direct flights between Brisbane and Indian cities to make travel easier.”
Quotes attributable to Australia India Business Council Queensland President Nik Senapati:
“The Queensland India Trade and Investment Strategy 2023-2027 will be a significant enabler in the bilateral trade.
“India is already Queensland’s second largest export market and is the lead state with respect to Indian investment.
“The strategy identifies opportunities in specific sectors such as forging government ties with key Indian states, enhancing aviation links, building connections with the Indian education sector and mobilising the diaspora.
“These actionable initiatives will enable trade to diversify into other sectors such as renewable energy, agriculture, and sport, amongst others.
“Queensland opening of new trade office in Mumbai and India opening a full Consulate in Brisbane will further benefit this growing relationship.
“It has never been a better time in the relationship between the two countries to enhance trade.”
Quotes attributable to Skin O2 CEO, Alison Atia:
“India is such a unique market, both in its incredible scale and rapidly emerging demand for leading cosmetics products like ours.
“We could not have established such strong strategic partnerships in this new market without the real world, expert support and network introductions provided by TIQ and the Queensland Government, and for that we are very grateful.”
Last published: 10:17 AM, Thursday, 10 August 2023