India's Ratan Tata urges closer business ties with Australia

Nov 28, 2012

Indian business icon Ratan Tata has urged stronger trade ties with Australia, particularly in technology, saying there are major growth opportunities for both countries.

Receiving an honorary degree from the University of , the chairman of India's largest corporation also said citizens of both countries needed to become more familiar to each other.

"The two countries have reason to do much more together than they have done," Tata told an audience in Sydney late Tuesday.

"Australia is at the forefront in many high tech areas and India seeks some of that technology."

Tata, whose 's products run from automobiles to software, said there was huge scope for Australia to export products to India, where the 300 million-strong middle class could reach as high as 600 million people.

Trade between Australia and India has soared over the past decade, growing from Aus$3.3 billion (US$3.1 billion) in 2000 to more than Aus$20 billion in 2011.

Demand for Australian commodities such as coal, wool and copper is driving the trade, but education is also a large and growing aspect of the relationship.

Tata stressed the importance of the education market, saying it was an opportunity to create life-long ties by student exchanges and internships.

"Our two countries have to be more familiar at a citizen level," he said.

In a recent report on the Asian Century, Canberra said India now stands at the front rank of Australia's international partnerships and deeper bilateral, regional and was being pursued in many fields.

Tata took over the in 1991 and is credited with building it into an international behemoth.

He won headlines as the behind the creation of the Nano, billed as the world's cheapest "people's" car, as well for the purchase in 2008 of luxury British Jaguar and Land Rover.

He is due to retire at the end of December when he turns 75.

Explore further: Sony forecasts $2B loss as smartphones lag (Update)

add to favorites email to friend print save as pdf

Related Stories

India's Tata group to sell $700 flat-pack house

Jul 17, 2011

The Indian company that launched the world's cheapest car has unveiled its latest product for the fast-growing nation: a flat-pack house that costs just $700 and can be built in a week.

Recommended for you

Sony forecasts $2B loss as smartphones lag (Update)

16 hours ago

Sony expects its annual loss to swell to $2 billion and has canceled dividends for the first time in more than half a century after writing down the value of its troubled smartphone business.

Alibaba post-IPO structure gives insiders control

16 hours ago

Control over Alibaba Group will stay in the hands of founder Jack Ma and other company veterans after the Chinese e-commerce giant goes public on the New York Stock Exchange in a record busting share sale.

User comments : 0