Updated on 5 March 2014
Mr Patrick Suckling in his speech commented, "The key message from the Australian government is that it is committed to do business-friendly activities. Its continuing economic refocus has made Australia a global performer for the last few decades. India is our fifth largest export market. Indian companies are investing in Australia and about $10 billion went in to our economy last year from companies, including GVK and Tech Mahindra."
Mr Suckling emphasized that Australia serves as an attractive business partner for varied reasons.
"We have a strong ecosystem and a proven track record. We are committed to R&D. Australia is strategically located composed of multi-cultural workforce. India stands as the second largest group of people in Australia. Our country is well positioned with strong R&D base, which is mutually beneficial to the people of India and Australia," he explained.
In his keynote address, Mr G V Prasad added, "Innovation is an over-used word. We have moved to knowledge-era where IP and creating winning ideas and the power of ideas drive value creation. We have to focus and build our research in academic institutions and remove barriers to attract global talent. We should increase global capita, be tolerant to failures, and design and implement policies to enable innovation in biotechnology."
He further added, "With achievements in the biotechnology, we can help our farmers much. Without biotechnology, we would have had large famines in our country. We can leverage this technology to reduce harmful effects of pesticides. This is good for the climate and sustainability."
Talking about the advances in genomics, Mr G V Prasad added, "Genomics has resulted in personalized medicine, gene therapy, predictive diagnostics, bone replacement and growing organs through stemcells."