The MoU was signed by the Minister Commercial and Senior Trade & Investment Commissioner – South Asia, Australian Trade Commission (Austrade), Nicola Watkinson and President & Country Head, Food & Agribusiness Strategic Advisory & Research, YES Bank, Nitin Puri.

Austrade in association with YES Bank will work with India’s food processing and agricultural sectors in by sharing experiences from Australia which has similar climatic conditions and logistic challenges and has met these challenges to now export A$ 30.5 billion value of food each year (according to the Australian Food Statistics Report 2011-12) and to some of the most demanding markets in the world like Japan and Europe.

It willIntroduce Australian expertise and technologies to increase the productivity of key agricultural sectors like grains, vegetables and dairy.Explore collaborations and joint ventures in areas of food processing to add value to Indian agricultural produce. And also exchange information on new consumer trends around the world that can offer new export opportunities for Indian and Australian agricultural companies.

Austrade and YES BANK will jointly organise workshops across India to create awareness about Australian capabilities in the food and agribusiness sectors and exchange information with Indian businesses looking at international expansion opportunities. Austrade will also assist Australian companies in their expansion in India through identification of joint venture partners and investment opportunities in India.

Australian agribusiness companies have been actively working with the Indian agribusiness sector offering Australian technology and expertise.

Examples of some successful Australian involvement in the Indian agribusiness sector includes the works done by Technico Pty Ltd, an Australian agri-biotechnology company specializing in rapid seed potato production. Technico was acquired by the ITC Group to provide strategic sourcing support to ITC's Salty Snacks business to secure long-term access to high quality chip grade potato seeds.

An Australian initiative led by Australian Centre for International Agricultural Research (ACIAR) in collaboration with the Punjab Agriculture University to develop a cost-effective, tyred, no-till planter for small-acreage farmers, called Happy Seeder Technology that can sow through straw load – including heavy rice stubble. The equipment is now manufactured in India.

Heat & Control is an Australian company involved in the manufacture food processing and packaging equipment systems. Heat & Control is the major supplier of snack / food processing systems to all processed foods companies in India.

Australian company Silo Bags provides grain management solutions for private companies and government agencies in India. Silo Bags’ equipment is used to convert a grain facility from manual bag handling to bulk management resulting in optimal preservation of grains.

Speaking about the MoU, Ms Watkinson said, “We are glad to enter into this collaborative engagement with YES BANK, to leverage on our respective organisational strengths and contribute to developing closer relationships between the agri-food value chains of Australia and India. Australia has world class standards in agriculture production and processing systems, supported by a dynamic and robust research and development capability, which has enabled it to adapt to the challenges of climate change and maintain its production standards”.

“We recognise India’s push to achieve food and nutrition security for its growing population, in the face of resource constraints and depletion. Australia is an idea partner to work with India as Australia faces similar challenges,” said Ms Watkinson.

“We find a natural partner in YES BANK, with which we share the line of thought – achieve ‘holistic development of the Food and Agribusiness sector’ in India”, she added.

According to the Managing Director & CEO, YES Bank, Rana Kapoor “This is a significant development that will boost YES BANK’s operations in the India-Australia corridor for trade & investments that has undergone significant & qualitative shifts in recent years, propelled through strategic partnerships between the two countries. This alliance with the Australian Trade Commission furthers our commitment towards this business corridor. Through our knowledge banking initiatives and advisory services, we look forward to exploring further opportunities for cross–border trade and investment. I am confident that this partnership will enable us to provide enhanced banking support and economic and business intelligence to Australian and Indian corporations seeking business opportunities in either of the countries”.

The Australian Trade Commission – Austrade – is the Australian Government’s trade, investment and education promotion agency.

Through a global network of offices, Austrade assists Australian companies to grow their international business, attracts productive foreign direct investment into Australia, and promotes Australia’s education sector internationally.

The Australian Trade Commission will assist Indian corporations to source products, technology, services and solutions from Australia; identify potential Australian business partners and explore investment opportunities in Australia.

For more information on accessing Australian expertise and locating Australian partners in the agri-business, dairy and food processing sector

YES Bank, India’s fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its founder, Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India. YES Bank has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES Bank has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES Bank is steadily evolving as the Professionals’ Bank of India with the vision of “Building the Best Quality Bank of the World in India” by 2015.