India and Australia have set a target of doubling their bilateral trade to 40 billion US Dollars by 2015. Addressing Indian business leaders meeting in New Delhi today, Australian Prime Minister Julia Gillard said the dramatic changes in Asia are creating new patterns of Indian growth.

AIR correspondent adds currently the annual bilateral trade stood at about 21 billion US dollars. Ms Gillard said, India is changing through important economic reforms in areas such as energy, aviation and retail.

Australian Prime Minister also said Australia has opened the door for uranium sales to India. Ms Gillard added that there is a good potential for partnership in energy sector as energy demand in both countries are going to increase sharply.

Ms. Gillard said both sides have agreed for joint research and development in areas like clean energy, water efficiency and sustainable agriculture. She said, in recent years, economic relationship has grown stronger between the two nations. Ms Gillard said two-way trade has grown at 13 per cent per annum in the past five years. Indian investment approvals in Australia grew last year alone to over 11 billion US Dollars. She added that this is a one hundred fold increase from ten years ago.

Speaking on the occasion, Commerce and Industry Minister Anand Sharma invited investments from Australia in infrastructure sector, particularly, in the proposed national investment and manufacturing zones.