Trade and business ties between Queensland and India are set to be strengthened with the launch of the Queensland-India Trade and Investment Strategy last week.
The Queensland-India Trade and Investment Strategy 2018–2023 aims to boost exports to India by 15% over the next 5 years - that’s a $1.5 billion injection to the state’s economy - and make it easier for Queenslanders to do business in India.
Launching the new strategy in Bengaluru (Bangalore) on 28th November, Minister for Innovation and Tourism Industry Development Kate Jones said India was a key market for Queensland exports. India is Queensland’s third-largest merchandise export market. In 2017, Queensland sold more than $9.4 billion of goods to India, a 34% increase on the previous year and more than 60% of Australia’s total exports to India.
Additionally, it has been reported that Queensland will try to lure Bollywood blockbusters to film here, which would be a key factor in attracting visitors. Last year Bollywood shot movies in 60 different countries, but none in Australia.
India is also Queensland’s second-largest source of international students, and a growing source of inbound tourists, with around 76,000 Indian holiday-makers heading to Queensland last year. However, the state does not yet have any direct flights to India.
Queensland’s Major Goods Exports to India 2017-18
Coal $7.3 billion
Vegetable/fruit $434 million
Mineral Ores $ 54 million
Textile fibres $ 29 million
Machinery equipment $ 13 million
Queensland’s world-leading mining equipment, technology and services sector can help India develop its own resources industry. The food products and farming industries, as well as healthcare have also been identified as opportunities.
Sources: Trade & Investment Queensland (TIQ); Courier-Mail