TradeMission

Australia's Interest in Indian Healthcare Industry

Even Australia wants a share of the Indian healthcare industry pie. Victorian Government Business Office (VGBO), a lead agency responsible for encouraging investment ties between India and Victoria (Australia), is on a mission in India.

The agency promotes business growth, exports and employment creation in the region. Its key activities include the provision of assistance to Victorian companies which wish to enter the Indian marketplace and to attract Indian FDI in to Victoria. Said Warwick Andree, Manager of Healthcare Exports, Department of Innovation, Industry and Regional Development, State Government of Victoria, "This is one of the world's biggest and fastest growing industries, currently valued at US$ 7 trillion annually. And it is a market that, we understand, is expanding — where population growth and an increase in the middle class is leading to redevelopment of the country's healthcare industry and a larger number of foreign patients seeking surgery in private institutions as part of India's medical tourism industry. Australia's $4 million share of the estimated $34 billion Indian healthcare market has considerable potential for expansion.

"The Victorian Government supports the export of healthcare services and products and as part of its 'Opening Doors to Export Plan', it is targeting healthcare services sectors as key export growth opportunities for the State.

Informs Andree, "Under the plan, we have appointed a special trade envoy for India and are progressively increasing our programme of trade and industry missions to India. The companies and organisations taking part in this mission are world-leaders in many areas of healthcare. They have complementary capabilities— and can either individually, or in combination, tailor packages to meet a wide range of customer needs. They are interested in exploring ways in which they can be involved in the Indian market— including joint ventures, alliances and strategic partnerships with your region's public and private sectors."

This is the latest in a series of trade missions led by senior Victorian Government representatives to India— which reflects India's growing importance as a trading partner for the State of Victoria." He further added, "India is the fastest growing of all our major markets, with both goods and services exports growing at an annual average of over 32 per cent during the five years to 2007. India is now our sixth largest goods export market— and our eighth largest services market. As far as imports are concerned, India is Australia's 24th largest source of merchandise and other imports, reflecting the strength of India's manufacturing sector and its increasing competitiveness. Hence, India is a very important partner for us at many levels. We are even involved with India's Organising Committee for the Commonwealth Games in 2010."

Australia's trade with India is expanding rapidly and it further wishes to strengthen ties by encouraging more visits comprising representatives of the healthcare, biotechnology, aeronautics and automotive industries.

EH News Bureau