Slated to be a ‘historic event’ – constitutional changes to enhance AIBC business profile come ahead of India Economic Strategy release.
Sydney, April 30: During an Australia India Business Council Extraordinary General Meeting (EGM) of members held earlier in Sydney, members approved a historic transformation of the AIBC constitution to ensure a more business focussed direction.
The constitutional changes come ahead of the release of India Economic Strategy and according to a recently released statement, have been approved to ensure that “AIBC is a more business-based membership council,
- thereby increasing its business profile;
- business members given more opportunity to lead through elections and nominations;
- individual memberships offered to outstanding professionals in the bilateral business space;
- and new members allowed time to assimilate”.
Commenting on the approved constitutional changes, AIBC National Chair Sheba Nandkeolyar said that the India Economic Strategy report “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.”
The Strategy report to be tabled soon is led by Mr. Peter Varghese AO, Chancellor of the University of Queensland and former Australian Foreign Secretary
“AIBC has built a strong reputation as the only go-to bipartisan business council which facilitates trade and investment matters between Australia and India,” Ms Nandkeolyar said.
The organisation is the first point of business contact for all stakeholders including the governments both countries and the industry.
“AIBC is committed to its role as a bilateral business council. Our members have indicated their approval to adopt a much sharper business focussed 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.
The 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 National Gold Partner, McCullough Robertson Lawyers.