NEW DELHI: The Australian Trade Commission (Austrade), the Australian government’s trade, investment and education promotion agency, and YES BankBSE -0.13 % signed a Memorandum of Understanding (MoU) to apply Australian experience to raise the productivity and exports of India’s food and agricultural sector.
The MoU was signed by Nicola Watkinson, minister commercial and senior trade and investment commissioner – South Asia, Austrade and Nitin Puri, president and country head, food and agribusiness strategic advisory and research, YES Bank on Wednesday.
Austrade in association with YES Bank will work with India’s food processing and agricultural sectors. Australia which has similar climatic conditions and logistic challenges has met these challenges to now export Australian $ 30.5 billion value of food each year (according to the Australian Food Statistics Report 2011-12) and to some of the most demanding markets in the world like Japan and Europe.
The partnership will focus on introducing Australian expertise and technologies to increase the productivity of key agricultural sectors like grains, vegetables and dairy in India. It will also explore collaborations and joint ventures in areas of food processing to add value to Indian agricultural produce. Further it intends to exchange information on new consumer trends around the world that can offer new export opportunities for Indian and Australian agricultural companies.
Austrade and YES Bank will jointly organise workshops across India to create awareness about Australian capabilities in the food and agribusiness sectors and exchange information with Indian businesses looking at international expansion opportunities. Austrade will also assist Australian companies in their expansion in India through identification of joint venture partners and investment opportunities in India.
“We recognize India’s push to achieve food and nutrition security for its growing population, in the face of resource constraints and depletion. Australia is an idea partner to work with India as our country faces similar challenges,” said Watkinson.
According to Rana Kapoor, Managing Director & CEO, YES Bank, “Through our knowledge banking initiatives and advisory services, we look forward to exploring further opportunities for cross–border trade and investment. I am confident that this partnership will enable us to provide enhanced banking support and economic and business intelligence to Australian and Indian corporations seeking business opportunities in either of the countries”.