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`Indian cos must explore opportunities in new areas'

Our Bureau

India is one of the important export markets to Australia for commodities.
Australian companies are showing interest in exploring business opportunities in Indian retail sector.
Some Indian companies have shown interest to buy copper, zinc and coal mines in Australia.

Mangalore , Feb. 14

THERE is scope for Indian companies to explore business opportunities in Australia in areas such as textile, leather and software development, according to Mr Don Cairns, Consul-General of Australia.

Interacting with the members of the Kanara Chamber of Commerce and Industry (KCCI) in Mangalore on Tuesday, Mr Cairns said Indian exports to Australia, which standat Australian $1.1 billion, could be increased, provided Indian companies take interest in exploring opportunities in these sectors.

Stating that India is one of the important export markets to Australia for commodities, he said gold and coking coal are the major export commodities to India.

Australia's export to India, which stands at Australian $5.6 billion, doubled in a period of three years.

Lauding the moves of the Indian companies to invest in Australia, he said some of the companies have shown interest to buy copper, zinc and coal mines in Australia. Australia is developing new mines in copper and zinc which may take a few years, he said.

The Australian investors are upbeat about the opportunities for investment in India, he said.

Referring to the retail boom in the Indian market, he said Australian companies are showing interest in exploring business opportunities in Indian retail sector.

Though nearly 95 per cent of the products in Indian retail market are produced in India only, the remaining five per cent provides room for Australian companies to explore their business in this sector.

Australian chocolates, fruit juices and fresh fruits have demand in the Indian retail markets, he said.

Australia is a major exporter of wines to India, and around 10 Australian companies have set up their units in the country, he added.

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