Associate Partner

Commerce minister Suresh Prabhu to seek investments from Australian pension funds

New Delhi: Commerce and Industry Minister Suresh Prabhu will meet over 20 Australian superannuation or pension funds tomorrow in Sydney to seek investments in areas like infrastructure, waste management and airports.

The minister is on a two-day visit to Canberra and Sydney, starting from Monday, an official said.

India provides abundant opportunities for Australian funds in various sectors such as energy, transportation, housing, water, waste management, airports, ports, railways and other infrastructure-related segments.

Australia's superannuation funds are valued at 2.6 trillion Australian dollars ($1.93 trillion) as of December 2017. They are among the worlds largest in terms of volume.

 Commerce minister Suresh Prabhu to seek investments from Australian pension funds

File image of commerce minister Suresh Prabhu. AFP

The funds have exposure to various international markets. However, their exposure to Indian markets is still very limited, despite continued greater than average market returns in India, the official added.

The minister would inform them about the stability of the Indian economy and improved ease of doing business.

Foreign direct investment in India increased by about 3 percent to $61.96 billion in 2017-18.

"The agenda of the roundtable discussion is to deliberate and explore the opportunities available for Australian superfunds in the Indian market for stable and high returns," the official said.

The bilateral trade between India and Australia increased to $18 billion in 2016-17 from $14.11 billion in the previous fiscal. Trade balance is highly in favour of Australia.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .

Updated Date: Jun 25, 2018 16:26:51 IST