Benefits for NSW Innovation companies will be reciprocated with access to nasscom’s services to find suitable partners and clients to grow in the Indian market.
There will be a new Australia-India Economic Cooperation and Trade Agreement (ECTA). To accelerate the joint tech ecosystem, the National Association of Software and Services Companies (nasscom), Business NSW, Department of Enterprise and Investment and Trade(DEIT) inks MoU.
Under which, NSW and Indian technology companies to get full access to each other’s markets. Under this new MoU, a greater collaboration between NSW and Indian tech ecosystems to leverage the Australia-India Economic Cooperation and Trade Agreement (ECTA).
It also aims to position NSW at the centre of the burgeoning Australia-India technology corridor.
Investment NSW Deputy Secretary Katie Knight said, “nasscom is the peak body representing the technology industry in India. From now on its members will have access to the International Landing Pad – a dedicated space in the Sydney Startup Hub where international businesses can make connections in the NSW innovation ecosystem.”
“With a $254 billion tech industry as of FY2024E, India is a global powerhouse, so we’re looking forward to welcoming their startups and scaleups to Sydney through our International Landing Pad and sharing the economic benefits that will flow from closer collaboration between our two innovation ecosystems,” Ms Knight said.
“For technology companies looking to grow and expand overseas, there can be significant obstacles when it comes to setting up, understanding foreign markets and ensuring you’re connected with the right people.
“Our International Landing Pad is designed to overcome these challenges, simplifying the entry of global businesses into NSW and fostering connections in a supportive and friendly environment.”
Benefits for NSW technology companies will be reciprocated with access to nasscom’s services to find suitable partners and clients to grow in the Indian market.
Business NSW Executive Director David Harding said India and Australia are democratic countries of complementary talents and opportunity – never more so than in information software and services. “India and Australia have never been closer. We have had more visits at the highest levels in the last two years than in the two decades preceding. With one free trade agreement in place, and another more comprehensive one pending, it’s now time for industry to take advantage,” Harding said.
“Business NSW sees the new International Landing Pad as a timely opportunity to support inbound Indian businesses. Under this MoU, we will support the entry of their businesses to the Australian market and provide networking opportunities with our members across NSW.”
Nasscom Vice President & Head of Global Trade Development Shivendra Singh said the MoU will enable Indian technology businesses, particularly SMEs and young companies, to expand into Australia and contribute meaningfully to growing bilateral trade between the two countries. “We are pleased to partner with the NSW Government and Business NSW to establish the first nasscom launchpad in Australia,” Mr Singh said.
“An initiative like this will help lower initial setup costs, enable faster go-to-market and enhance credibility for participating companies. “I am confident that this launchpad in Sydney will provide greater momentum to the outcomes of the ECTA as it moves towards an ambitious Comprehensive Economic Cooperation Agreement (CECA).”
Dr S. Janakiraman, Consul General of India, Sydney, said, “I am happy to note that the nasscom is partnering with the Government of New South Wales and Business New South Wales to set up its first ‘launchpad’ in Sydney taking our collaboration in the IT and ITES sectors to next level. Along with the ECTA [Australia-India] (Economic and Trade Agreement [Australia-India]) the new initiate would facilitate further partnership between the two countries in these fields. It would greatly assist Indian companies both small & medium and large companies for stronger collaboration.”
