Thursday, January 27, 2011

Coimbatore chosen as preferred destination

Australian States of New SouthWales and Sydney today invited entrepreneurs and industrialists from Coimbatore to invest there, especially inthe Engineering, biomedical sectors and also textile sectors.

Both the States have chosen Coimbatore as the preferred destination for attracting investments, following the strong presence of India's top companies from these sectors in the region, Rohit Manchanda, Director, Trade and Investment, India for New South Wales, told reporters here.

Stating that the Governments of Australia and India had agreed to support cutting-edge biotechnology research, funding eight collaborative projects between the scientists, Manchanda said this initiative would help develop partnerships to tackle the big issues facing communities in Australia and India, inhealth, agriculture, energy and water management.

When asked about investment pattern, he said that it could be any kind of projects, be it individual or joint ventures and with transparent and conducive policy, it would not be any problem for Indian industrialists in Wales.

He also said that New South Wales had recently signed MOU with Gujarat Government in vocational education field, and train trainers in 15 courses.

With Wales contributing 33 per cent--402 billion dollars,to Australian GDP, the bilateral trade between India and NewSouth Wales amounted to 1.75 billion, Manchanda said.

Since Australia was strong in Irrigation andagri-business, Coimbatore, which was popular for pumps and motors, would have adequate business potential to tap in boththe States, Manchanda added.

Source:One India

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