New Delhi: The Scott Morrison government is investing over $280 million to boost cooperation with India, to further grow economic relationship and support jobs and businesses in both countries, Australia said on Tuesday. Australia’s Minister for Trade, Tourism and Investment Dan Tehan said the investment is aimed at growing bilateral economic, trade and investment relationship. “India and Australia share common values, complementary economies and strong people-to-people links that make us ideal partners,” Tehan said. “Our partnership with India is vital as we both strive for stronger, sustainable economic growth and more secure and diversified trade and investment patterns and supply chains,” he further said. In 2020, India was Australia’s seventh largest trading partner, with two-way trade valued at $24.3 billion, and sixth largest goods and services export market, valued at $16.9 billion. In 2020, India was Australia’s third largest market for services exports, as per the official press release. As part of the Update to the India Economic Strategy to 2035 launched on Tuesday, the press release said that the Australian government will provide additional investment in the relationship, including $16.6 million to strengthen linkages with India’s key policy and finance institutions and $8.9 million to support enhanced business engagement and an increased Austrade presence in India. “The Government remains committed to the India Economic Strategy and its ambitious goals: to lift India into our top three export markets by 2035, and to make India the third largest destination in Asia for outward Australian investment,” Tehan said. Prime Minister Narendra Modi and his Australian counterpart Morrison held the second India-Australia Virtual Summit on Monday during which they reviewed the multi-faceted relationship between the two countries and exchanged views on regional and global developments.