The Australian government is investing more than $280 million to boost cooperation with India to grow its economic relationship. Further, support jobs and businesses in both countries, the Australian government said in a press statement.

In 2020, India was Australia’s seventh-largest trading partner, with trade valued at $24.3 billion and the sixth-largest goods and services export market at $16.9 billion. The Australian government said it will give an extra investment to strengthen relations with India’s key policy and finance institutions as part of the India Economic Strategy to 2035. They will also give $8.9 million to help enhance business engagement in India.

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India and Australia had virtual leaders meeting on Monday, where Australia committed $17.2 million to expand the Australia-India Strategic Research Fund to support and establish an Australia-India Innovation and Technology Challenge. According to the government statement, $35.7 million will be given for a Green Steel Partnership, a Critical Minerals Research Partnership, and the International Energy Agency to support collaboration on research, production and commercialisation of clean technologies, critical minerals and energy. Around $25.2 million will be given to expanding the Australian Space Agency’s International Space Investment initiative to strengthen the space sector with India.