Find out what your ITIC team has been up to in Q1 2022.
WA-India international trade update
ITIC’s Michael Carter.
Michael Carter, head of CCIWA’s International Trade and Investment Centre, provided an update on trade opportunities with India at the WA International Trade Update and Networking event in September.
Carter discussed strengthening and broadening ties between the two countries, and the need for diversification in the WA economy of industry and global export and supply channel partners.
Almost 70 per cent of WA’s $362 billion gross state product is derived from merchandise exports, while some 10 key markets account for 90 per cent of the State’s exports, with over 70 per cent to North East Asia: China, Japan, South Korea, Taiwan and Hong Kong.
“When it comes to doing business in India the West Australian working day is more closely aligned with New Delhi, Chennai or Mumbai, than it is with Sydney or Melbourne,” he noted.
India is WA’s seventh-largest trading partner, with $4.6b of goods traded in 2021.
“However, our relationship with India is still one of unrealised potential,” he said, adding that over the last decade, India’s economy has more than doubled in size and is forecast to become the world’s third-largest economy by the end of 2029.
He cited food, knowledge and energy security as key areas of trade. The Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) will also create new opportunities when it comes into force.
“The growing potential of the WA-India economic relationship is driven by India’s considerable expansion in consumer and industrial demand, as well as central and state government policies to improve the business climate and the delivery of essential services,” he said.
Focus on Africa Down Under
Zambian High Commissioner to Australia Elias Munshya (third from left).
In September the ITIC team met separately with visiting diplomatic members from Morocco, Zimbabwe and Zambia who were in Perth for the Mining and METS trade event Africa Down Under.
“It was terrific to discuss the opportunities for WA METS companies, particularly those with innovative technologies and solutions to build sustainable best practices in responsible and efficient mining operations,” Carter said.
The two Southern African landlocked countries of Zambia and Zimbabwe in particular have an interest in renewable energies and a keen interest in WA’s rare earth and critical minerals, he said.
Carter said Morocco is a multilingual and cosmopolitan country, situated at the cross-roads of Sub-Saharan African, the Middle East and Europe.
“It is a gateway into the region for doing business,” he said.
Morocco offers good opportunities for WA in areas such as food (red meats, animal fats, butter substitute, offal and wine), agribusiness (organic pesticides, seeds, grains and agribusiness services), agricultural investment (berries).
As well infrastructure and urban development (city master planning, infrastructure) and mining and energy (consulting, engineering, technology and exploration) are of interest to Morocco.
Chengdu Sister City anniversary
The ITIC team attended the Perth-Chengdu Sister City 10th Anniversary with a Lighting Ceremony and Reception at Council House in September hosted by CCIWA Member the City of Perth.
Perth Council House.
Carter said the event signified the importance of long-term relationships and the growing synergies between Perth and Chengdu.
“As the capital city of Southwest China’s Sichuan province, Chengdu is ramping up efforts to increase development of the services sector to push development of digital services, cultural products, IP services, human resources services and language services,” he said.
“This provides opportunities for engagement with services providers in Perth including our start-up and innovation communities,” he said.
“At the end of the day we should recognise that the important B2B relationships between Chengdu and Perth should weather the political level trade tensions between Australia and China.”
CCIWA’s International Trade and Investment Centre (ITIC) helps businesses reduce the time, cost and risk of going global. Contact the team for a free consultation on (08) 9365 7620 or via [email protected].
