Queensland’s opportunities for Indian business
NEW DELHI: Welcoming over 12,000 millionaires in 2019, Australia has emerged as the most preferred migration destination for high net-worth individuals worldwide. Australia has one of the most conducive environments in the world to do business and has a very strong and robust economy. Queensland, Australia, is emerging as the preferred destination for migrants due to its excellent handling of the Covid-19 pandemic and opportunities in the education, minerals, renewable, and agriculture sectors.
The interim Australia-India Economic Cooperation and Trade Agreement further boosts the strong relationship between the two countries. The agreement will eliminate tariffs on over 95 per cent of the goods and services on Indian exports to Australia.
Australia will also gain sizable market access in India, with tariffs being eliminated on more than 85 per cent of the Australian goods and services exports to India.
At the end of June 2019, 6,60,350 Indian-born people were living in Australia, more than twice the number (307,590) as on June 30, 2009, and this is further expected to increase. This makes the Indian-born population the third largest migrant community in Australia.
Abhinav Bhatia, Senior Trade and Investment Commissioner—South Asia, Trade & Investment Queensland, addressed the audience, including senior business leaders, at a seminar organized by Phoenix Business Advisory.
Explaining the decision-making factors during migration and why Queensland is the preferred choice, he stated, “With a growing economy and excellent quality of life, Queensland is a choice many immigrants and Australians are making to put down roots. Due to the Queensland government’s successful handling of the Covid-19 pandemic, Queensland has seen the highest interstate migration in the last 20 years.
“Brisbane (the capital city of Queensland) being the host city for the 2032 Olympics and Paralympic Games, has provided a catalyst leading to various developmental projects and business opportunities in many industries.”