Australia attempts to make India its new China
With the Chinese economy and trade slowing down, Aussies have turned to the other Asia-Pacific power—India.
The world’s second-most populated country, India is now being viewed in some Australian circles as the country’s “new China,” in an attempt to become one of its largest trading partners.
And it isn’t just one-sided. India is also showing signs of its willingness to complete negotiations of the Comprehensive Economic Cooperation Agreement (CECA) by the end of this year, which would be a game-changer for trade ties between the two nations.
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While Australia certainly benefits from reaching a deal, it could send India’s already strong economy into a stage of even higher growth.
Canberra is attempting to complete a deal with India’s capital territory New Delhi by the end of this year, which is expected to be similar to the China-Australia Free Trade Agreement (ChAFTA) was signed last month.
Although FTA negotiations between Australia and India initially began about seven years ago, the relationship between Tony Abbott and India Prime Minister Narendra Modi has sped up the process considerably. As Business Review Australia previously reported, the two visited each other’s country in November of last year.
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India is Australia’s 12th-largest trade partner, as Indian foreign investment into Australia reached nearly $11 billion while Aussie investment in India is at about $9.8 billion.
Trade between the two countries is currently estimated at approximately $15 billion, which is only 10 per cent of Aussies’ trade with China according to data from 2013-14. However, the sense of optimism from Australians is certainly justifiable, as India has the potential to produce massive amounts of revenue.
Services make up about 70 per cent of the Aussie economy, but only 15 per cent of exports, which is an area Prime Trade Minister Andrew Robb said he’s working hard to increase.
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Due to a rising middle class, India is now among the world’s fastest-growing service markets. Meanwhile, India’s IT service, pharmaceutical, and farming sectors will reap benefits from a trade agreements, just as Australia’s engineering, health services, construction and agriculture industries.
Increased trade and investment creates more job and fuels growth in the economy. Australia could also provide India more access to mining projects, as it’s the top exporter for coal and iron ore.
In addition, India’s intentions to develop 100 new smart cities and several infrastructure projects would require a large amount of resources. Aussie companies can also share their knowledge of developing infrastructure.
In the end, mutual investment and a boost to each economy will be good for both sides.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”