Australia looks to India for more coal export, investment

Australia looks to India for more coal export, investment

Agency News

New Delhi, Aug 23 : Australia will explore emerging opportunities to support India’s need for minerals critical to its economic, defence and space capabilities during Minister for Resources and Northern Australia Matthew Canavan's visit here next week.

Canavan during his August 26-29 will also showcase the opportunities for Indian engagement and investment in Northern Australia, particularly coal, LNG and minerals.
Canavan will meet Commerce and Industry Minister Piyush Goyal, Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan and Mines and Coal Minister Pralhad Joshi to discuss the potential of Australia’s resources sectors.
"Australia is a natural partner for India in the resources sector," said High Commissioner Harinder Sidhu. "The resources and METS (Mining Equipment, Technology and Services) sectors are a priority under the India Economic Strategy. Australia’s comparative advantage in these sectors and the opportunities that India’s growth trajectory presents are highly complementary.”

India is Australia’s fourth largest export market, and a key destination for Australian coal and copper. “As the world’s fastest growing major economy, India’s projected growth will keep resources trade high, which makes our economic relationship extremely important,” Canavan said in a statement.

"There is enormous potential for Australia to grow its resource exports to India, particularly thermal coal.”

A new report forecasts Australia stands to benefit with 4000 jobs and $3.4 billion with increased Indian coal imports. Canavan will also travel to Mumbai where he would meet his counterparts and resource industry leaders. In Kolkata on Monday, he will call on Finance and Industries Minister Amit Mitra. (UNI)