Australia announces $36.5M to enhance its engagement in northeast Indian Ocean

By Islamuddin Sajid

ANKARA (AA) - Australia on Friday announced that it will invest $36.5 million over the next five years to enhance its engagement in the northeast Indian Ocean region.

In a joint statement, Dan Tehan, trade, tourism and investment minister, and Keith Pitt, resources and water minister, said the new funds will be invested in maritime and disaster preparedness, and supporting opportunities for trade, investment, and connectivity.

"Australia will provide $36.5 million over five years, including $11.4 million to improve regional cooperation on maritime shipping, disaster resilience and information sharing," said the statement.

Under the new initiative, $10.2 million will be invested in Bangladesh to explore new opportunities in the digital sector while $5.8 million will go to build up infrastructure to promote Australian business.

Prime Minister Scott Morrison’s government “will invest $4.8 million to improve Australian resources and Mining Equipment, Technology and Services (METS) understanding of South Asian markets. A further $4.3 million will support relationships across the LNG supply chain between Australia, India and Bangladesh," it added.

Tehan arrived in India on Wednesday to discuss a free trade agreement with New Delhi to boost trade ties.

“A free trade agreement with India would be a boon for Australian businesses, farmers and workers, creating new jobs and opportunities with one of the world's largest and fastest developing economies," Tehan said in a statement before going to New Delhi.