Parramatta: The Unsung Hero of Australia-India Trade
Parramatta, a suburb in western Sydney, is fast becoming the go-to destination for Indian businesses looking to expand into Australia. The area’s large Indian diaspora population, coupled with its strategic location, has made it an attractive hub for trade and investment between the two nations.
One such company that has benefited from this growing relationship is Infoneoo, a start-up firm that delivers ‘AI-led’ business services to clients in India and abroad. Founded by Manoj Matai and Sukanto Mitra, Infoneoo was launched just over a year ago but has already gained significant traction, with hundreds of employees working from its office in Delhi.
The company’s success can be attributed to its partnership with Australian firm Aurum Ventures, based in Bella Vista, near Castle Hill. The two companies were introduced by Ameet Nandlaskar, a global growth and investment adviser to Innovesta, a company that facilitates investments between Australia and India.
‘We were looking for someone who could invest but, more importantly, be a strategic partner,’ Matai said in an interview. ‘The partnership with Aurum Ventures has opened up new opportunities for us, and we’re excited to see where this relationship takes us.’ India Australia trade is expected to grow significantly in the coming years.
The Role of the Indian Diaspora in Parramatta
The Indian diaspora in Parramatta has played a significant role in facilitating economic engagement between India and Australia. The area is home to a large Indian population, with more than one-third of residents born in India. This demographic has created a unique cultural and economic landscape, with many Indian businesses setting up shop in the area.
Saravana Bhavan, the world’s largest vegetarian restaurant chain, is one such example. The company was looking to expand into Australia and chose Parramatta as its first location due to the area’s demographic makeup. Since opening its doors in 2014, the chain has found huge success, with plans to expand to other cities in Australia.
‘We have opened in Sydney, Brisbane, Melbourne, and are looking at Adelaide next,’ said company director Shekar Mani. ‘And it all started in Parramatta, where we opened based on the demographic make-up of the area.’ Indian restaurants in Australia are becoming increasingly popular.
The Economic Influence of the Indian Diaspora
The Indian diaspora in Australia has grown rapidly over the past 20 years, with approximately 1 million people of Indian origin living in the country. This community has had a significant impact on the economy, with many Indian businesses setting up shop in Australia.
Peter Varghese, a former secretary of the Department of Foreign Affairs and Trade, says the economic influence of the Indian diaspora has expanded rapidly. ‘When you consider that the diaspora’s numbers really only started picking up strongly around 2010, the impact it’s had has already been very significant across business, but also in terms of political engagement,’ he said.
Varghese believes the diaspora community has an important role to play in facilitating Australia-India trade and investment. ‘The diaspora community has a deep understanding of both cultures and can act as a bridge between the two nations,’ he said. Australia India trade agreement is expected to boost trade between the two countries.
Conclusion
In conclusion, Parramatta is emerging as a significant hub for Australia-India trade and investment. The area’s large Indian diaspora population, coupled with its strategic location, has made it an attractive destination for Indian businesses looking to expand into Australia.
As the economic relationship between India and Australia continues to grow, it is likely that Parramatta will play an increasingly important role in facilitating trade and investment between the two nations. With its unique cultural and economic landscape, Parramatta is well-positioned to become a major hub for Australia-India business.