Australia India Business Council (AIBC) EGM approves constitutional changes to help facilitate trade with India

During an Australia India Business Council (AIBC) Extraordinary General Meeting (EGM) of members held on 5 April, 2018 in Sydney, members approved an historic transformation of the AIBC constitution to ensure a more business focused direction. The constitutional changes come ahead of the release of India Economic Strategy and have been approved to ensure that: AIBC is a more business-based membership council, thereby increasing its business profile; business members are given more opportunity to lead through elections and nominations; individual memberships are offered to outstanding professionals in the bilateral business space; and new members are allowed time to assimilate.

Commenting on the approved constitutional changes, AIBC National Chair Sheba Nandkeolyar said, “The India Economic Strategy report, led by Mr. Peter Varghese AO, Chancellor of the University of Queensland and former Australian Foreign Secretary will be presented to Prime Minister Turnbull very shortly, and AIBC is taking proactive steps to ensure Australian businesses are well equipped to take advantage of the economic transformations underway in India. The amendments to the Constitution directly relate to, and support, the business approach and objectives of AIBC.”

“AIBC has built a strong reputation as the only go-to bipartisan business council which facilitates trade and investment matters between Australia and India. AIBC is the first point of business contact for all stakeholders including the Government of Australia, the Government of India and the industry and as such, AIBC is committed to its role as a bilateral business council. Our members have indicated their approval to adopt a much sharper business focused approach from 2018 onwards and in keeping with AIBC’s vision and reason for existence,” continued Ms Nandkeolyar.

Measured by purchasing power parity, India is the world’s third largest economy. Over the past 20 years, the share of its economy devoted to international trade has risen from 13 per cent to 40 per cent. Over a similar period, it has seen nearly a 20 per cent increase in foreign direct investment each year.

AIBC National Vice Chair, Jim Varghese, AM said, “The sheer scale of the Indian economic transformation and complementary nature of the Australian and Indian economies cannot be ignored. The AIBC now has a modernised constitutional platform to add business-to-business value to these new emerging economic winds of change and opportunities.”

The EGM was hosted by new AIBC National Gold Partner, McCullough Robertson Lawyers.

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