Nasscom inks pact with Australian Business NSW to accelerate market access

IT industry body Nasscom on Friday said it has signed an agreement with Australian industry body Business NSW to facilitate market access for technology companies in the two markets.

Indian technology companies and firms in New South Wales will receive accelerated access to each other's markets as part of the new agreement that aims to synergise economic cooperation between India and Australia, Nasscom said..
 

An agreement between the Department of Enterprise, Investment, and Trade (DEIT), Indian industry body Nasscom, and Australian industry organisation Business NSW was signed in Sydney on Thursday, leveraging the Australia-India Economic Cooperation and Trade Agreement (ECTA) and positioning NSW at the centre of the burgeoning Australia-India technology corridor, Nasscom said in a statement.

With a USD 254 billion tech industry as of FY2024, India is a global powerhouse, so we are looking forward to welcoming their startups and scaleups to Sydney through our International Landing Pad and sharing the economic benefits that will flow from closer collaboration between our two innovation ecosystems, Investment NSW Deputy Secretary Katie Knight said..

Benefits for NSW technology companies will be reciprocated with access to nasscom's services to find suitable partners and clients to grow in the Indian market, the statement said.

Nasscom said its member companies will receive the benefits of establishing a connection with the local technology ecosystem and government connections, assistance with the local market and investment opportunities, and workspace allocation at no cost for 6 months at the Sydney Startup Hub..

Nasscom Vice President & Head of Global Trade Development Shivendra Singh said the MoU will enable Indian technology businesses, particularly SMEs (small and medium enterprises) and young companies, to expand into Australia and contribute meaningfully to growing bilateral trade between the two countries.