Project to be Executed with UAE's Financial Support: Estimated Cost of $500 Billion

Morbi: Union Minister Piyush Goyal announced on Sunday that India is engaged in "intensive negotiations" to build 1 million homes in Australia and has approached the UAE for financial assistance for the project. The Commerce and Industry Minister stated that this is a $500 billion project. If the project materializes, it is expected to significantly benefit the ceramic industry as well.

"I am in deep negotiations with my counterpart in Australia to build 1 million homes. One million homes. Does anyone want to do the math? One million homes in Australia will be at least a $500 billion opportunity," Goyal said while speaking in Mumbai.

However, Goyal did not disclose details about the project, such as the location in Australia, the expenditure to be borne by Canberra, or India’s role in it.

Goyal further stated that India is proposing to train Indian workers in the skills required to build homes according to local standards in Australia.

According to some reports, there is an imbalance between the demand and supply of homes in Australia due to high prices. Housing was also a significant issue in the recently held national elections.

Speaking about a meeting with a trade delegation led by UAE’s Trade Minister Thani bin Ahmed Al Zeyoudi, Goyal said he has proposed a partnership with the Gulf nation.

"I discussed with Thani whether we can partner to finance this massive opportunity," the Union Minister said.

Goyal added that countries around the world are seeking such opportunities from India, and there is a need to seize them quickly.

"It is up to us to grab these opportunities. If we miss them, we will only have ourselves to blame," Goyal said at an event organized by the domestic industry group CII.

India-Australia Free Trade Agreement

India and Australia are also negotiating a free trade agreement. Following the imposition of a 50 percent tariff by the US, Canberra has extended its support to New Delhi.

Goyal stated that India is engaged in negotiations to resolve "issues" with the US. He clarified that India will remain steadfast in addressing the US actions and will seek new markets for its goods, adding that despite the tariffs, the country’s exports are expected to exceed $825 billion in FY25.

Furthermore, Goyal expressed hope for a balanced and mutually beneficial agreement with Oman within the next two weeks. "An agreement with New Zealand will be finalized in two months, followed by a potential agreement with the European Union by the end of the year," Goyal said.

The minister noted that an agreement with the $17 trillion European Union bloc could happen soon, adding that Union Commerce Secretary Sunil Barthwal will meet officials in Brussels on Monday and Tuesday.

Referring to "continuous engagement" to bring a trade agreement with the 27-nation bloc and the world’s fourth-largest economy to a "swift and conclusive" end, Goyal mentioned that EU trade representatives will visit India next month, leading to a ministerial-level meeting starting September 12.

India will also finalize the terms of reference for an agreement with Qatar during Goyal’s visit to the country next week. He added that Chile and Peru in South America are "very eager" to move forward with engagement "very quickly."

"South Africa is one of the latest countries to express interest in forming a trade agreement with India," Goyal said, adding that progress is also being made on similar agreements with Eastern European powers.

Categories

Pages