In a bid to foster stronger economic ties between India and Australia, Nasscom, India’s premier IT industry body, has inked a significant pact with Australian industry counterpart Business NSW. The agreement aims to streamline market access for technology companies operating in both regions, Nasscom announced on Friday.
Under the new agreement, Indian tech firms and enterprises in New South Wales (NSW) will benefit from expedited access to each other’s markets, facilitating greater collaboration and economic synergy between the two countries. Additionally, NSW-based technology companies will gain access to Nasscom’s comprehensive suite of services, enabling them to identify suitable partners and clients to expand their presence in the Indian market.
The signing of the pact, which took place in Sydney on Thursday, marks a significant milestone in leveraging the Australia-India Economic Cooperation and Trade Agreement (ECTA). By positioning NSW as a central hub in the burgeoning Australia-India technology corridor, the agreement seeks to capitalize on the vast opportunities presented by both markets.
Katie Knight, Deputy Secretary of Investment NSW, expressed enthusiasm for the collaboration, highlighting India’s robust USD 254 billion tech industry. Knight emphasized the potential for closer collaboration between the innovation ecosystems of India and Australia, emphasizing the economic benefits that will stem from enhanced cooperation.
For Nasscom member companies, the pact promises numerous benefits, including access to the local technology ecosystem, government connections, assistance with market entry, investment opportunities, and workspace allocation at the Sydney Startup Hub for six months at no cost.
Shivendra Singh, Vice President & Head of Global Trade Development at Nasscom, emphasized the significance of the Memorandum of Understanding (MoU) in facilitating the expansion of Indian technology businesses, particularly SMEs and startups, into the Australian market. Singh stressed the potential for bilateral trade growth and the meaningful contributions that Indian companies can make to Australia’s tech landscape.
The agreement between Nasscom and Business NSW underscores the commitment of both nations to fostering innovation, collaboration, and economic growth in the technology sector, paving the way for a fruitful partnership between India and Australia.