AP signs 6 MoUs with Western Australia delegation to boost partnership in trade, exports

It may be noted that Western Australia has a long history of forging its way in the Indo-Pacific, especially to India, in the 1840s, exporting Jarrah to India. Western Australia was the first Australian state to open a trade and investment office in India in Mumbai in 1996.

By Sri Lakshmi Muttevi  Published on  16 July 2022 12:48 PM GMT
AP signs 6 MoUs with Western Australia delegation to boost partnership in trade, exports

Visakhapatnam: A 90-member business delegation from Western Australia visited Visakhapatnam on Saturday. A total of six MoUs and a letter of intent were signed between India and Australia to enable the exploration of new avenues of mutual collaboration/partnerships in investment, trade, and exports.

Addressing the delegates, state IT minister Gudiava Amarnath said, "This is another significant step towards strengthening the trade relations between Australia and India after the signing of the Australia-India Economic Cooperation and Trade Agreement."

He added, "As per Australia's India Economic Strategy Report, no single market over the next 20 years will offer more growth opportunities for Australia than India."

It may be noted that Western Australia has a long history of forging its way in the Indo-Pacific, especially to India, in the 1840s, exporting Jarrah to India. Western Australia was the first Australian state to open a trade and investment office in India in Mumbai in 1996.




Industrial corridor

The minister said Andhra Pradesh is the only state to develop three national industrial corridors. He said the VCIC (Visakhapatnam–Chennai Industrial corridor) on 22,039 acres has the potential to increase GDP by six times (from Rs. 2 lakh crore in 2015 to Rs. 11.6 lakh crore by 2035), expand manufacturing output by seven times from Rs. 1.1 lakh core in 2015 to Rs. 7.8 lakh crore by 2035, and create 1.1 crore additional incremental employment from 29 lakhs in 2015 to 140 lakhs by 2045.

Ports development

The state is now developing three ports, nine fishing harbors, and four fish landing jetties with an outlay of Rs. 3,000 crores. It is also developing fish landing centers to create employment potential for about 85,000 people and will be operational by 2023. "By 2024, cargo handling is targeted at about 300 million tonnes. Also, we are developing three greenfield ports at Bhavanapadu, Machilipatnam, and Ramayapatnam," the minister added.

Multi-modal logistics park

The state is encouraging the use of inland waterways and the establishment of multi-modal logistics parks in Anantapur and Kadapa districts to reduce logistics costs. "As a state, we have attracted significant investments while successfully containing the adverse impact of COVID-19. From June 2019 to March 2022, a total of 27,014 industrial units were grounded with an investment commitment of Rs. 43,866 crores and employment potential of 2.33 crore jobs," he added.

AP currently has 52 projects under implementation with a total investment of Rs. 35,592.91 crores and with a potential to create employment for 76,656 people. Five public sector units are underway with an investment of Rs. 1,07,400 crores and with an employment potential for 79,700 people, the minister added.

Electric vehicles

Stating that the state has a robust policy related to EVs – Electric Vehicles Policy 2022, the minister said they want supply agreements with Australian companies that are producing Lithium metal. "Our state is already home to MNC automobile companies like ISUZU, KIA, and we are in advanced discussions with some more companies to set up their EV manufacturing base in our state. We are also ready to offer customised incentives to Lithium metal suppliers and also ensure single window scheme for all regulatory works," said the minister.

With the state ranking no. 2 in marine exports, the government of Andhra Pradesh is welcoming companies in Western Australia such as Geraldton Fisherman's Co-op and Western Rock Lobster to source seafood products from producers based in Andhra Pradesh.

Speaking at the event, Deputy Premier of Australia Roger Hugh Cook said, "Like Western Australia, Andhra Pradesh is a strong mining and agricultural state. For Western Australia, Andhra Pradesh offers expanded opportunities in resources and energy, especially as the proposed LNG terminals in Kakinada and Krishnapatnam approach completion."

Skill development

"Many youth in Western Australia are given vocational training in skill development for a better future. Such training is required in Andhra Pradesh. In the coming days, we will make the youth industry ready," said minister for finance, planning, and skill development Buggana Rajendranath Reddy.

The AP government is collaborating with West Australian Technical and Vocational Education Training Consortium. Through this training, quality can be instilled in areas like training the trainers, content development, knowledge sharing, and Gap analysis.

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