Industry Update November 2020 Issue 117

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AUSTRALIA'S LARGEST CIRCULATING MANUFACTURING MAGAZINE ®

Issue 117 November 2020

$12.00 INC.GST

MANUFACTURING MAGAZINE

DESTINATION INDIA THREE-FOLD INCREASE FORECAST FOR OUR EXPORTS The growth of India over the next 15 years will see opportunities for Australian manufacturers increase three-fold, with the potential for the nation to rise from Australia’s eighth-biggest trading partner to one of our top three export markets. The blueprint for this transformation is contained in the India Economic Strategy to 2035, compiled by former Department of Foreign Affairs and Trade secretary Peter Varghese and endorsed by the Morrison government. The target set out in the report would see Australian exports to India grow from $14.9 billion in 2017 to around $45 billion, and outward Australian investment to India rise from $10.3 billion to more than the $100 billion mark, reflecting a transformational expansion of the relationship.

DELPHI TAKES BESPOKE MANUFACTURING TO WORLD PAGE 49

Prime Minister Scott Morrison intends to strengthen Australia’s trade relationship with India, which were the subject of discussions in a virtual summit with Indian Prime Minister Narendra Modi at which both leaders pledged to further develop bilateral relationships.

Lisa Singh ... deputy chair of the Australia India Council

Mr Varghese recommends that Australia should strive by 2035 to lift India into our top three export markets, to make India the third largest destination in Asia for Australian outward investment, and to bring India into the inner circle of Australia's strategic partnerships.

POWER YOUR PowerCONTINUITY continuity FOR for your WINNING EDGE - PAGE 23 winning edge.

The expansion of our trade relationship with India comes at a critical time for Australian exporters, with China – the recipient of 32.7 per cent of Australian exports last year – applying aggressive trade practices on Australian products and produce. While India would not surmount China in terms of its economic dominance, its rapid growth, as well as the opportunities emerging post-Brexit from CANZUK – a free trade organisation with Continued page 5

ALCOHOL AND DRUGS $6B HANGOVER - PAGE 42

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4-page pull-out Page 27

FORREST IN HUNT FOR MORE AUSSIE BRANDS

Tattarang, the private investment company of mining billionaire Andrew Forrest, is keen to boost local manufacturing and is looking to purchase more iconic Australian brands after his purchase of RM Williams from French fashion house Louis Vuitton. See page 11

INTERVIEW SCOTT PHILBROOK PAGE 48

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Industry Update November 2020 Issue 117 by Industry Update - Issuu