CANBERRA, April 7 (Xinhua) -- Australia is well-placed to play a major part in India's burgeoning economy, the nation's Prime Minister, Malcolm Turnbull has said.
Ahead of his first official trip to India on Sunday, Turnbull said he would be discussing opportunities for both nations to work closely in a number of fields, such as in trade and energy.
Australia and India are currently in negotiations to sign a free trade agreement (FTA) and Turnbull said his visit could help speed things along.
"Alongside China, India is a land of immense opportunity for Australia," Turnbull said at a forum overnight.
"India is undergoing a dramatic economic transformation and our close partnership creates opportunities for both nations.
"My first visit to India as Prime Minister is a chance to further co-operate across a wide range of sectors including energy, education and trade.
"But there are many more opportunities. India wants to provide energy security through a range of technologies, including nuclear, clean coal, natural gas and renewable energy. Australia is well placed to provide many of the raw materials, and some of the latest technology."
Turnbull said that bilateral trade with India had grown to be worth more than 15 billion dollars in the last decade, and with a population of 1.2 billion people, it's expected that India's growing middle class will begin to desire more Australian products.
The Prime Minister said Australia could not fall behind in taking advantage of opportunities to attract overseas business to Australia, especially in such a globalizing world.
"Globalization means we compete with the whole world for investment. We cannot expect to attract more businesses and more jobs if our tax rates are considerably higher than those in other countries especially when our competitors around the world are looking to cut their rates further," Turnbull said.
"We want Australian businesses to aspire not just to a local market of 24 million Australians, but to a worldwide market of 7.4 billion people."
Negotiations for a free trade deal between Australia and India have been ongoing since 2011, with the most recent talks occurring in 2015.
Turnbull leaves for India on Sunday with Education Minister, Simon Birmingham. Enditem