Australia will be a reliable provider of coal, uranium and natural gas to ensure India’s energy security as it grows into a regional power, Prime Minister Malcolm Turnbull said ahead his first visit to New Delhi.
“India is undergoing a dramatic economic transformation and our close partnership creates opportunities for both nations,” he said in a speech at the Sydney Institute.
Turnbull arrives in India on Sunday for a four-day visit.
“…there are many more opportunities. India wants to provide energy security through a range of technologies, including nuclear, clean coal, natural gas and renewable energy. Australia is well placed to provide many of the raw materials, and some of the latest technology,” he said.
Turnbull said he will discuss with Prime Minister Modi the “enormous opportunities” for collaboration in areas like trade and security. “With converging political, economic and strategic interests, we will use the meeting to strengthen our relationship even further for the benefit of both nations.”
India is the world’s fastest growing major economy. Two-way trade exceeded 19 billion dollars in 2015-16. The two countries are currently looking to seal a free trade agreement. There have been nine rounds of negotiations since discussions began in 2011, with the most recent in 2015.
Turnbull said India was a land of immense opportunity for Australia, just as China was. “With a growth rate at more than 7 per cent annually, the Indian economy could be as large as that of the United States by 2050,” he saiid.
Australian energy and resources are helping to power India’s growth, while the two countries collaboration on innovation and technology will open new business opportunities in the future, he added.