According to the latest media release, a new investment partnership with India is set to unlock mutual benefits for both countries.
This partnership will be in Australia’s world-leading critical minerals sector.
Australia’s Minister for Resources and Water Keith Pitt said the Morrison Government has allocated $5.8 million to the three-year Australia-India Critical Minerals Investment Partnership.
Minister Pitt said:
“Australia and India are natural partners sharing mutual strategic and economic priorities and this partnership will support further Indian investment in Australian critical minerals projects.”
He added that it is the first of its kind and represents a step-change in how the two countries can work together to support key industries and pursue growth opportunities in this sector.
“Our combined capabilities will take on the challenge of resourcing the emerging technologies used in sectors such as defence, aerospace, automotive, renewable energy, telecommunications and agritech.”
Minister Pitt said Australia will work closely with India to identify potential critical minerals investment opportunities.
These include technical and due diligence exercises that can assist the development of a business case for prospective Indian investment in Australia.
“With our vast quantities of development-ready critical minerals projects and reputation as a reliable trading partner, Australia is a logical choice as India looks to secure its supply chains.
The partnership will encourage strong, strategic supply chain partnerships, including through technical studies that will support investment in Australian critical minerals projects.”
Population and growth experts believe that India is forecast to become the world’s most populous country within two years.
As a fast-growing economy, this growth in India will create more trade and investment opportunities for Australia.