NEW DELHI (PTI): There is a ‘vast scope for Australian investment in India particularly in the mining sector, if the Indian economy is further liberalized and the sector is opened up fully for equity participation up to 100%.
This was among the conclusions of the two-day seventh meeting of the India Australia joint business council, which ended here Feb.17.
‘The mining sector, mainly coal, lead and zinc, had a potential for hundreds of million U S dollar worth of Australian investment, if the climate for foreign investment was further improved through measures like a bilateral investment protection agreement, R.A.N. Meeallum, chairman of the Australia India JBC, told reporters. In mining, besides investment, Australia could transfer technology in vital areas, like tapping of gas from coal mines, coal washing to remove the ash content and coal gasification, Meeallum said. The Australian side welcomed in this connection the assurance of union government’s intention to make appropriate changes in the mining legislation during the coming budget session of parliament. The assurance was conveyed to the JBC by the mining secretary, LG.Jhingran, who attended the meeting, according to Meeallum.
In the event of India implementing the liberalization measures suggested by the JBC, there was good scope for investment by Australia in other areas too, like food processing, telecommunications, power generation, agriculture and deep sea fishing.
Article extracted from this publication >> February 26, 1993
