The Albanese Government is pleased to launch the new Centre for Australia-India Relations headquarters in Parramatta, along with a series of initiatives to further strengthen Australia's links with India.
The new headquarters will be a focal point for government, business, academia, the cultural sector and Indian-Australian communities to drive new partnership opportunities between our countries. The Centre's headquarters are supported by both the Australian and New South Wales Governments.
Today we are pleased to announce the recipients of the Centre's inaugural Maitri Scholars and Fellowships programs. Five Maitri Scholars from India will complete PhDs on STEM research topics, including advanced manufacturing and clean energy solutions. Seven Maitri Fellows will undertake research projects exploring our shared geostrategic and economic future, including in maritime security, responding to climate change, secure supply chains and closer regional cooperation.
India is on track to be the world's third largest economy by the end of the decade. To ensure Australia benefits from India's growth, the Australian Government will commence consultations on a future Australia-India economic roadmap. This roadmap will build on the landmark 2018 India Economic Strategy authored by Peter Varghese, and harness the untapped potential we see in some key sectors, while focusing and accelerating our work for the next phase of our relationship. Australia also continues to negotiate its next free trade agreement with India, including for greater market access in agriculture and manufacturing.
These initiatives are on top of additional $14.3m in funding provided in last week's budget, to expand the Australia India Business Exchange. Austrade will lead new business missions to India across a range of sectors - including agrifood, education, technology, and energy and resources like critical minerals. The expanded program also involves pilot business missions to Bangladesh and Sri Lanka to help grow our trade across the South Asia.
Recognising the expertise of Indian-Australian communities, we also announce the Centre's CEO and Director Network. The Network consists of a group of Indian-Australian corporate leaders who will build knowledge of India among their peers in the Australian business community.
