New pact between Nasscom, NSW to allow faster access to each other’s markets

New Delhi: A Memorandum of Understanding (MoU) between the IT industry's apex body Nasscom and Business NSW (an Australian not-for-profit membership organisation) was signed in Sydney, leveraging the Australia-India Economic Cooperation and Trade Agreement (ECTA) and positioning NSW at the centre of the burgeoning Australia-India technology corridor, the association said on Friday.

According to Nasscom, NSW and Indian technology companies will receive accelerated access to each other’s markets as part of a new agreement, promoting greater collaboration between NSW and Indian tech ecosystems.

Investment NSW Deputy Secretary Katie Knight said from now on, Nasscom members will have access to the International Landing Pad -- a dedicated space in the Sydney Startup Hub, where international businesses can make connections in the NSW innovation ecosystem.

“With a $254 billion tech industry as of FY2024, India is a global powerhouse, so we’re looking forward to welcoming their startups and scaleups to Sydney through our International Landing Pad and sharing the economic benefits that will flow from closer collaboration between our two innovation ecosystems,” Knight said in a statement.

Benefits for NSW technology companies will be reciprocated with access to Nasscom’s services to find suitable partners and clients to grow in the Indian market.

“We have had more visits at the highest levels in the last two years than in the two decades preceding. With one free trade agreement in place, and another more comprehensive one pending, it’s now time for industry to take advantage,” said Business NSW Executive Director David Harding.

Nasscom said the MoU will enable Indian technology businesses, particularly SMEs and young companies, to expand into Australia and contribute meaningfully to growing bilateral trade between the two countries.

"An initiative like this will help lower initial setup costs, enable faster go-to-market and enhance credibility for participating companies," said Shivendra Singh, Nasscom VP & Head of Global Trade Development.