A new investment partnership with India is set to unlock mutual benefits for both countries from Australia’s world-leading critical minerals sector.
Minister for Resources and Water Keith Pitt said the government has allocated $5.8 million to the three-year Australia-India Critical Minerals Investment Partnership.
“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,” Pitt said.
“It is the first of its kind and represents a step-change in how countries can work together to support key industries and pursue growth opportunities,” he said, adding that “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.
Pitt said India is forecast to become the world’s most populous country within two years an added that Its fast-growing economy will create more trade and investment opportunities, so it is important Australia continues to build close ties with India.
According to Pitt, Australia will work closely with India to identify potential critical minerals investment opportunities, including technical and due diligence exercises, which can assist 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,” Pitt said, adding that the partnership will encourage strong, strategic supply chain partnerships, including through technical studies that will support investment in Australian critical minerals projects