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| 'Recent attacks have no adverse impact on bilateral trade' |
| Natasha Chaku/ PTI / Melbourne Jun 24, 2009, 09:41 IST |
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Indian-origin industry experts in Australia have brushed aside speculations of any adverse impact on bilateral trade relations in the backdrop of recent attacks on the students from the country.
Denying any adverse affect on the business relations, Primus CEO Ravi Bhatia said "such crimes have been wrongly dubbed by the Indian media as 'an organised and planned racial violence'."
He described such incidents as serious law and order issues.
Fortunately, it is now being recognised in India that there was an over-reaction there and Australia remains one of the best potential business partner for India, he commented.
He said the worst was over and businesses in Australia as well as governments at various levels were doing their utmost to fully realise the potential of bilateral business relationship.
"There would be no long-term and lasting impact on the business ties of the two sides and there was no impact so far on Australia's attitude towards investing in India," he said.
"I would like to assure Indian businesses that Australia remains one of the most attractive destinations for Indian investments. Australia's attributes were well known including a stable political environment, rule of law, a prosperous economy that has weathered global financial crisis better than any other developed economy, richness of resources," he added.
Echoing similar views, Harish Rao, Australia India Business Council (AIBC, Victoria), President and also Asia Pacific Head of Sundaram Finance, said "such attacks would not impact on the business ties".
Rao, however, warned that while long-term trade was very much based on perception, a cautious approch was needed. "We need to be watchful on the trade relationship," he said.
One positive outcome of recent coverage was that the organisations and institutions around business and education services for Australia and India were now talking to each other about ways they could help deliver a better living experience for visiting Indian students, he added.
Deploring the attacks, Rao said the council was working hard to create programmes which would extend the hand of friendship to visiting Indian students.
Industry experts also maintained that India remained a hot option for setting up businesses by Australia after China.
"India is seen as a fast growing economy that offers excellent opportunities despite many bureaucratic hurdles. A common language and legal systems that share a foundation in British common law were highly positive attributes. Australian business persons find it quite easy to relate to their Indian counterparts," Bhatia said.
Despite two sides diplomatic relationship has come under stress, industry experts said the two sides trade relations were enduring with more and more Australian companies looking at India which was a good thing.
"The reputation of India continues to grow as an economy based on entrepreneurship and innovation," Rao said, adding while China has been the focus of the last ten years, India will surely be the focus in the future to come.
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