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The decline in import of Australian wool from 22 million pounds to 20 million pounds in the last one year has made the country's High Commission sit up and take notice. Michael Carter, the trade commissioner for north India, visited the city on Thursday night and met local industrialists to bridge the gap.The global rise in temperature and manmade fibres gaining popularity for designing fashionable garments are attributed as the main cause for the decline in use of pure wool. Industrialists who attended the meet said Carter even invited investors to set up units in Australia. The trade commissioner said: "The food and beverage and hospitality industries are already growing well there." Meanwhile, business between Australia and India in the year 2005 was around 7.25 billion Australian dollars , aimed to cross 16 billion dollars by year end.Shyam Bansal, chairman of the Wool Club, however asked the trade commissioner to develop new marketing strategies to popularise the product again as it is loosing sheen now. "Wool consumption is reducing in India. Till now, industrialists have not thought of investing in Australia, but let the offers be discussed in detail." The meeting was organised under the banner of Confederation of Indian Industries(CII). Inderjit Nagpal from CII said trade between the countries can be increased further as there is huge potential.
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