PRIME MINISTER
CHECK AGAINST DELIVERY EMBARGOED UNTIL DELIVERY
SPEECH BY THE PRIME MINISTER
SECOND JOINT MEETING OF THE AUSTRALIA INDIA
BUSINESS COUNCIL AND THE INDO AUSTRALIA BUSINESS COUNCIL
MELBOURNE 8 MARCH 1988
It was particularly pleasing for me to see tpe Indian vessel
Varuna, sailing on Sydney Harbor on 26 January as part of
the magnificent international fleet of Tall Ships.
Varuna's presence, celebrating as it did the national days
of both Australia and India which we share on 26 January,
symbolised the very friendly and close ties between our two
countries. In talking of those ties I am not seeking to make a dreadful
pun about the Test match played at Madras in 1986. You
could hardly get any closer than that historic tie.
As for our historic and political ties, Australia and India
share a colonial past. We emerged from that past in
different ways, with different constitutional arrangements.
-But we emerged also with a shared and fundamental commitment
to freedom and democracy and with shared membership of the
Commonwealth. Last year, at the Commonwealth Heads of Government meeting
in Vancouver, I had the pleasure of again meeting and
working closely with my good friend the Indian Prime
Minister Rajiv Gandhi.
I believe our relationship at head of government level
mirrors our nations, larger relationship of constructive
cooperation. I place great personal value on such contact
with Mr Gandhi including our work in the Commonwealth
forum to help formulate an effective approach to combating
the evil of apartheid.
The Vancouver meeting was only the latest of a number of
constructive meetings between me and Mr Gandhi.
During Prime Minister Gandhi's visit to Australia in late
1986 he and I agreed to establish formal business links
between Australia and Ind-ia. We believed that there was
enormous untapped potential for business and trade between
Australia and India. 004902
of course, the progress that has occurred since that time
has clearly vindicated that view. Trade between our two
countries has now passed the half a billion dollars per
annum mark which I believe exceeds the best expectations of
all of us.
The credit for that growth undoubtedly lies with the
business communities of Australia and India and in
particular those who make up the Australia-India Bus-iness
Council and the Indo-Australia Business Council.
Let me pay particular thanks in this regard to Reg Nicolson
for his kind words of introduction. The ANZ Bank, through
its subsidiary Grindlays, is of course * very well represented
in India, and its achievements there stand as a model'to all
companies which wish to do business between Australia and
India.
The priorities that have been identified for the work of
these Business Councils are: to increase exports ansd
imports between the two countries; to establish joint
ventures; to improve the transfer of technology bet~ en both
countries; to establish joint manufacturing and trading
arrangements; and to penetrate third countries and to
develop mutual co-operation in human resource development.
These are worthy goals and there is evidence that progress
is being made towards achieving them.
Endeavours of the substance and importance of the Pipawar
Coal Project, the joint venture between BHP Petroleum and
the Indian Oil and Natural Gas Commission, and the joint
venture between CEL and the University of New South Wales to
produce photovoltaic cells show both the economic
complementarity between our two countries and the potential
for trade between Australia and India.
Despite the success of the last 18 months there is much
still to be done both at the Government level and at the
business level.
For governments, for example, the completion of a double
taxation agreement remains an important priority as does the
important work being undertaken by Austrade to assist
Australian business people entering the Indian market.
At the business level, there are still many opportunities to
be grasped and, at least on the Australian side, much to be
learned about Indian markets and the Indian commercial
sector. I am pleased to see that seven working parties,
established at the first joint meeting, are discussing the
opportunities for trade in a range of areas.
On the broader scene Australia and India share many trading
interests. we are both countries who wish to expand our
economic base and skills and we are both countries looking
to enhance our economic performance by increasing exports. 004903
We are therefore both well placed to take advantage of the
substantial opportunities each of us offers for doing
business. That is, we in Australia not only look forward to
doing greater business in * India, but look forward equally to
a greater Indian trading presence in Australia.
In this regard it is both encouraging and an honour, at only
the second joint meeting of the Business Councils, to have
present such eminent Indian business leaders. May I welcome
you to Australia and hope that your time is not only
enjoyable but profitably spent.
Let me assure you that you will find Australia a congenial
and productive environment for investment and you will find
Australian businesses willing partners for projects directed
at third markets.
This second joint meeting of the Business Councils comes
after a period of considerable growth in trade between India
and Australia and is opening the way for much greater trade
ye t.
I take personal satisfaction from seeing the obvious success
of the initiative that Prime Minister Gandhi and I launched
in 1986.
That event took place, as I said, during a visit by Mr
Gandhi to Australia.
Apart from visiting New Delhi for a Commonwealth Heads of
Government Meeting in 1983, I. have not had the opportunity
to repay the honour of that visit yet. I hope to rectify
that before very much longer. The Minister for Foreign
Affairs and Tride, Bill Hayden, is also giving consideration
to visiting India during the course of this year.
I wish you well in your endeavours and hope that in this
joint meeting we will see the forming of new business
ventures and the taking of further steps towards the trade
and business relationship that we all believe can be
achieved ' between our two countries. 004904