Nasscom Signs Pact with NSW To Advance Market Access For Tech Firms By CIOTechOutlook Team

Nasscom Signs Pact with NSW To Advance Market Access For Tech Firms

CIOTechOutlook Team | Saturday, 16 March 2024, 03:13 IST

Nasscom, the IT industry association, announced that it has formed an agreement with Business NSW, the Australian industry body, to enhance market access for technology businesses in both countries.

Nasscom announced that Indian technology companies and corporations in New South Wales will have accelerated access to each other's markets as part of a new deal aimed at enhancing economic cooperation between India and Australia.

The Department of Enterprise, Investment, and Trade (DEIT), the Indian industry association Nasscom, and the Australian industry group Business NSW signed an agreement in Sydney. According to a statement from Nasscom, this agreement leverages the Australia-India Economic Cooperation and Trade Agreement (ECTA) and places NSW at the center of the rapidly expanding Australia-India technology corridor.

India is a global powerhouse, with a tech industry valued at USD 254 billion as of FY2024. Investment NSW Deputy Secretary Katie Knight said, We are excited to welcome their startups and scaleups to Sydney through our International Landing Pad and share the economic benefits that will flow from closer collaboration between our two innovation ecosystems.

According to the statement, benefits for technology firms in NSW will be matched by giving them access to nasscom's services to locate partners and clients that would help them expand into the Indian market.

As per Nasscom, its member firms will benefit from free workspace at the Sydney Startup Hub for six months, help connecting with the local market and investment prospects, and government and technology ecosystem linkages.

The Memorandum of Understanding (MoU) will allow Indian technology businesses, especially SMEs (small and medium enterprises) and young companies, to expand into Australia and meaningfully contribute to growing bilateral trade between the two countries, according to Shivendra Singh, Vice President & Head of Global Trade Development at Nasscom.