Our resurgent resources sector will help bond Australia and India in their growing economic partnership, as outlined in the Government’s response to the India Economic Strategy.
Speaking at the AFR India Business Summit in Sydney today, attended by the President of India Ram Nath Kovind and Prime Minister Scott Morrison, Minister for Resources and Northern Australia Matt Canavan said he was delighted to accept his appointment as a champion for the resources sector with India.
“India is our fourth largest commodity export market and a priority trading partner for resources and energy. This new role will reinforce the work I’m already doing to increase engagement and build stronger resources links between our two nations,” Minister Canavan said.
“In terms of commodities, coal presents the best potential to grow our relationship as it already represents 45 per cent of our exports to India.
“India is our largest market for coking coal and their target of a threefold increase in steel production creates strong prospects for future export growth for us.
“There’s also plenty of room to increase our thermal coal exports. Last year India imported 160 million tonnes of thermal coal but just 3 million tonnes of that came from Australia. Clearly there is room to grow those numbers.
“On the back of that, India is one of the most important future markets for Australian Mining, Equipment, Technology and Services (METS) companies. As India continues to modernise its mining sector, Australian METS companies will be looking for further partnerships, particularly in the coal value chain.
“Geoscience Australia is also sharing its expertise with the Geological Survey of India to enhance its ability to detect minerals deep underground in India.
“In addition, the Australia-India Mining Partnership at the Indian School of Mines in Jharkhand is providing joint training, helping to modernise India’s mining sector and improve workforce safety.
“Together India and Australian form a powerful resources partnership which has an exciting future. I look forward to working closely with my Indian counterparts to the benefit of both nations.”