As the world’s fastest growing major economy, India’s projected growth will keep resources trade high, which makes our economic relationship extremely important, says Minister for Resources and Northern Australia Matt Canavan
Promoting Australia’s resources industry and encouraging international investment opportunities in the sector will be priorities during visits to India and Singapore by Minister for Resources and Northern Australia Matt Canavan, who is in India till 29 August. He will meet with resource industry leaders and ministerial counterparts to promote the strengths and potential of Australia’s resources and energy sectors.
He is the first Australian Government minister to visit India since the election, reflecting the importance of the nation’s relationship with India and his role as one of the four champions under the India Economic Strategy to 2035. The 2018 report to the Prime Minister aims to help transform Australia’s relationship with India.
Minister Canavan said a focus would be encouraging Indian investment in Australia’s resources sector, particularly coal, LNG and minerals.
“India is Australia’s fourth largest export market, and a key destination for Australian coal and copper. There is enormous potential for Australia to grow its resource exports to India, particularly thermal coal,” Minister Canavan said.
“As the world’s fastest growing major economy, India’s projected growth will keep resources trade high, which makes our economic relationship extremely important.”
Minister Canavan will also emphasise Australia’s reputation as a reliable supplier of LNG and high quality thermal and metallurgical coal, and explore emerging opportunities to support India’s need for minerals critical to their economic, defence and space capabilities.
During his visit to Singapore on 30 August, Minister Canavan will reinforce Australia’s desire to become a leading supplier of hydrogen to the Asian region and explore opportunities to strengthen cooperation between the two nations in the sector.
“As a global innovation leader and regional energy centre, Singapore is exploring importing hydrogen as a fuel source and becoming a regional hub for hydrogen, in the same way it already does for LNG,” he said.
“Singapore is an important international financial and trading hub for the resources sector. Given its proximity, Singapore is also an important partner for Northern Australia in areas such as resources, energy, agriculture and infrastructure.”