Queensland’s Treasurer visits India, eyes business and economic opportunities

Queensland’s Treasurer visits India, eyes business and economic opportunities
Business Engagement between Queensland and … an Unlocking a New era of opportunities.

India, March 2023:Currently ranking as Queensland’s second-largest goods export market, and fourth largest two-way trading partner, the Treasurer and Minister for Trade and Investment Queensland Cameron Dick visited India on a Trade Mission. With a strong emphasis on infrastructure, technology, defence, energy, sports and education, the Queensland Government exchanged economic, developmental, and diplomatic synergies with the world’s largest democracy.

Treasurer and Minister for Trade and Investment Queensland, Mr Cameron Dick said, “Queensland is the gateway to the growth markets of the Asia Pacific and is well placed to meet the demands in the Indo-Pacific region. India and Queensland are historic trading partners, and the Australia-India Economic Cooperation and Trade Agreement (ECTA) will undoubtedly bring the two economies closer together.”

The bilateral ties between India and Australia have gained significant momentum since the latter half of 2022. Queensland is building upon this momentum and stands as an emerging destination for education, research and innovation, and sports technology. The state has over 300 education and training institutions, five of which are included in the Global Top 150 rankings. In addition, Queensland is home to more than 120 research centres, making it a preferred study-abroad choice for approximately 11,500 Indian students.

“Queensland has world leading institutions educating the best and brightest graduates, and India is our second-largest market for international students. Apart from the quality of education and research, students enjoy the multicultural and modern lifestyle our universities offer,”said Mr Cameron.

Speaking of sports and technology, a fifth of Australia’s total sportstech companies are based in Queensland. These sports-tech companies are either already exporting to India or planning their expansion to the Indian market.

Queensland capabilities in sports have also equipped it to host the 2032 Olympics and Paralympics in Brisbane. “We want to work with India who is bidding for the 2036 Games and share our insights and experiences to help deliver world-class sports experiences with a global impact,”he added.

Queensland’s goods exports to India totalled $21.4 billion in 2022, representing Queensland’s second largest goods export market and 71.1% of Australia’s export to India. India, currently enjoying an annual growth of 6%, is expected to become the world’s third largest economy by 2030, making it a crucial trading partner for Australia and Queensland.