Oz keen on improving bilateral trade with AP

HYDERABAD: “Andhra Pradesh is fast becoming one of the hottest investment destinations in India,” said David Holly, Australian consul-general.Speaking at the conference on Bilateral Trade with Australia, organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry and the department of Foreign Affairs and Trade, Government of Australia said, “Andhra Pradesh is ranked second in the country in attracting investments. The booming economy of the state has a lot to offer for foreign investors, venture capitalists and portfolio managers. Businessmen from Australia and other countries are looking to tap the vast pool of natural, human and intellectual resources.”India and Australia have a strong and productive bilateral partnership and both countries have embarked upon talks to conclude an ambitious comprehensive Economic Cooperation Agreement. With this new initiative, the trade between the two nations is expected to add over $40 billion to both economies by 2016, he added. “India is Australia’s third largest merchandise export market and we are India’s eighth largest trading partner. The trade between both countries in 2009-10 was around $20 billion,” the consul-general said.VS Raju, president, FAPCCI said, “We assure our unambiguous support and will be delighted to be a partner in inter-country trade. FAPCII is very keen on promoting and developing Andhra Pradesh, with economic cooperation from Australia.”Michael Carter, Ramakrishna, Sangeetha Krishnamoorthy, Devendra Surana, Srinivas Ayyadevara, CV Hariharan, MV Rajeshwara Rao and other FAPCCI memebers were present.