Australian Trade Commission partners with YES Bank on agri-business, food expertise

New Delhi, Oct.23 (ANI): The Australian Trade Commission, the Australian Government's trade, investment and education promotion agency, and YES BANK today signed a Memorandum of Understanding (MoU) to apply Australian experience to raise the productivity and exports of India's food and agricultural sector and in doing so address food security concerns.

The MoU was signed by Nicola Watkinson, Minister Commercial and Senior Trade and Investment Commissioner - South Asia, Australian Trade Commission (Austrade), and Nitin Puri, President and Country Head, Food and Agribusiness Strategic Advisory and Research, YES BANK, in New Delhi.

Austrade in association with YES BANK will work with India's food processing and agricultural sectors in the following areas:

.Share experiences from Australia which has similar climatic conditions and logistic challenges and has met these challenges to now export A$ 30.5 billion value of food each year

.Introduce Australian expertise and technologies to increase the productivity of key agricultural sectors like grains, vegetables and dairy.

.Explore collaborations and joint ventures in areas of food processing to add value to Indian agricultural produce.

.Exchange information on new consumer trends around the world that can offer new export opportunities for Indian and Australian agricultural companies.

Austrade and YES BANK will jointly organise workshops across India to create awareness about Australian capabilities in the food and agribusiness sectors and exchange information with Indian businesses looking at international expansion opportunities.

Austrade will also assist Australian companies in their expansion in India through identification of joint venture partners and investment opportunities in India.

Australian agri-business companies have been actively working with the Indian agribusiness sector offering Australian technology and expertise. Examples of some successful Australian involvement in the Indian agribusiness sector includes:

Technico Pty Limited : Australian agri-biotechnology company specializing in rapid seed potato production. Technico was acquired by the ITC Group to provide strategic sourcing support to ITC's Salty Snacks business to secure long-term access to high quality chip grade potato seeds.

Happy Seeder Technology : An Australian initiative led by Australian Centre for International Agricultural Research (ACIAR) in collaboration with the Punjab Agriculture University to develop a cost-effective, tyred, no-till planter for small-acreage farmers, that can sow through straw load - including heavy rice stubble. The equipment is now manufactured in India.

Heat and Control: Heat and Control is an Australian company involved in the manufacture food processing and packaging equipment systems. Heat and Control is the major supplier of snack / food processing systems to all processed foods companies in India.

Silo Bags: Australian company Silo Bags provides grain management solutions for private companies and government agencies in India. Silo Bags' equipment is used to convert a grain facility from manual bag handling to bulk management resulting in optimal preservation of grains.

Speaking about the MoU, Watkinson said: "We are glad to enter into this collaborative engagement with YES BANK, to leverage on our respective organisational strengths and contribute to developing closer relationships between the agri-food value chains of Australia and India. Australia has world class standards in agriculture production and processing systems, supported by a dynamic and robust research and development capability, which has enabled it to adapt to the challenges of climate change and maintain its production standards".

"We recognise India's push to achieve food and nutrition security for its growing population, in the face of resource constraints and depletion. Australia is an idea partner to work with India as Australia faces similar challenges," said Watkinson.

"We find a natural partner in YES BANK, with which we share the line of thought - achieve 'holistic development of the Food and Agribusiness sector' in India", she added.

Rana Kapoor, Managing Director and CEO, YES BANK, said, "This is a significant development that will boost YES BANK's operations in the India-Australia corridor for trade and investments that has undergone significant and qualitative shifts in recent years, propelled through strategic partnerships between the two countries."

He added: "This alliance with the Australian Trade Commission furthers our commitment towards this business corridor. Through our knowledge banking initiatives and advisory services, we look forward to exploring further opportunities for cross-border trade and investment. I am confident that this partnership will enable us to provide enhanced banking support and economic and business intelligence to Australian and Indian corporations seeking business opportunities in either of the countries". (ANI)

Matches

MORE TOP STORIES TODAY

Kallis, Narine star in Knight Riders’ crushing win

Kallis, Narine star in Knight Riders’ crushing win

An all-round display saw Knight Riders thump Mumbai Indians by 41 runs in the IPL-7 opener. More »

Pietersen to miss Delhi's first game

Pietersen to miss Delhi's first game

The former England batsman will have to lead the franchise as he is out of the match against Bangalore with a finger injury. More »

Srinivasan named in fixing report: SC

Srinivasan named in fixing report: SC

The court emphasised that the tainted administrator can no longer work for the BCCI. More »

'Yak' Kallis still on top of his game

'Yak' Kallis still on top of his game

The 38-year-old South African veteran turned it on for Kolkata Knight RIders in the opening match of IPL-7. More »

'If you do the wrong thing it will be found out'

'If you do the wrong thing it will be found out'

'Everyone knows what is right and what is wrong and if you do the wrong thing it will be found out' More »

Why I'm not looking forward to the IPL

Why I'm not looking forward to the IPL

Welcome to another season of a league that many watch but few trust. More »

Mitchell Johnson may quit T20s for Test cricket

Mitchell Johnson may quit T20s for Test cricket

Australia's Mitchell Johnson may quit limited-overs cricket to prolong his test career with an eye on the 2015 Ashes series in England, the fast bowler… More »

There's a lot going on: Fleming

There's a lot going on: Fleming

He experienced anxious moments in the lead-up to the tournament as the courts decided on whether to suspend the franchise, he said, but stressed that the… More »

Latif couldn’t work with tainted players

Latif couldn’t work with tainted players

Former Pakistan cricket captain Rashid Latif said Tuesday he turned down the job of national chief selector because he could not work with ex-players tainted… More »

Big runs expected, with bat and ball

Big runs expected, with bat and ball

Royal Challengers Bangalore: Their main concern, once again, is the fast bowling More »

We are not over-confident: Bailey

We are not over-confident: Bailey

Indian Premier League — George Bailey-led Kings XI Punjab will face Chennai Super Kings on Friday. More »

Taxing issue — BCCI hits roadblock

Taxing issue — BCCI hits roadblock

MoU between BCCI & its units to avoid double taxation delayed after a few decline to share details. More »

Black Caps pick rookie duo for West Indies

Black Caps pick rookie duo for West Indies

New Zealand selectors included two new caps in a 15-man Test squad named Tuesday to tour the West Indies, with injury-hit spinner Dan Vettori's future… More »

The stage is set for IPL-7 to start

The stage is set for IPL-7 to start

The Preview — Defending champions Mumbai Indians take on Kolkata Knight Riders More »

Srinivasan appeals to court to allow BCCI comeback

Srinivasan appeals to court to allow BCCI comeback

He was aggrieved by the allegations against him during the hearing. More »

India: cricket's Brazil

India: cricket's Brazil

They are tough to beat with a big talent base exposed to good facilities. (CYCSPL) More »

Delhi Daredevils say no to gifts

Delhi Daredevils say no to gifts

Franchises are doing their bit to refurbish the image of the tainted league. More »

Klinger on his exit from South Australia

Klinger on his exit from South Australia

Michael Klinger has revealed he felt compelled to leave South Australia after being told he would be only a fringe part of the Redbacks' plans for next season, and disputed the suggestion that he left… More »

India-Pakistan Test series likely in 2015

India-Pakistan Test series likely in 2015

The revival of Indo-Pak Test ties could take place in UAE. More »

Kohli hopes to end RCB trophy drought

Kohli hopes to end RCB trophy drought

'This time around we will hope to go few more steps ahead and actually get that trophy' More »

Gavaskar can help IPL regain glory

Gavaskar can help IPL regain glory

Apart from the foreign players a lot of behind-the-scene activity has taken place in selecting the Indian domestic players. More »

Tendulkar, Ganguly to promote soccer

Tendulkar, Ganguly to promote soccer

Leading Spanish club Atletico Madrid and former cricketers Sachin Tendulkar and Sourav Ganguly are among the owners of eight franchises of a new Indian… More »

This isn’t my first trip to India: Neesham

This isn’t my first trip to India: Neesham

Kiwi all-rounder wants to utilise the India leg to explore the country’s tourist attractions. More »

Ishant wanted to quit ODIs

Ishant wanted to quit ODIs

Says his mother made him change his mind. More »