The Minister for Resources and Energy, Martin Ferguson AM MP, has emphasised both the importance and potential of Australia's resources relationship with India in his opening address to the 9th International Mining and Machinery Exhibition (IMME) in Kolkata, India.
Resources and energy already represent around 90 per cent of the value of Australian exports to India and were worth more than $9 billion throughout 2007.
Minister Ferguson told IMME delegates:
- Australia will continue to be a reliable supplier of commodities to India to support its industrial and infrastructure development;
- Australia wants to invest in the development of India's mining industry to help unlock its wealth for the Indian nation and Australia continues to welcome Indian investment in our own resources and energy sector;
- The Australian mining services and technology sector wants to offer its world-leading products and services to the Indian mining industry to help improve exploration success, mine safety, environmental management, and the efficiency of resource extraction; and
- Australia wants to continue our engagement with India on issues such as energy security and climate change, including carbon capture and storage technology, hydrogen and fuel cell technology, renewable technology, and more efficient industrial processes.
Minister Ferguson said: "These elements are the building blocks for a strong and enduring Australian-Indian partnership in resources and energy for the 21st century. There is already a very strong association between our nations however it is the Australian Government's view that for both nations, the Australia-India relationship is one of the great opportunities of this century.
"Resources and energy will continue to be the cornerstone of India and Australia's bi-lateral trading relationship."
Minister Ferguson also highlighted Indian investment in Australia is growing and he told delegates Australia's transparent and open foreign investment regime should encourage further investment from India.
Minister Ferguson said: "Australia is a country built on foreign investment and we are delighted foreign companies want to invest in Australia, particularly when it is in our national interest and facilitates the development of Australia's resources for the benefit of Australians.
"I hope the growing investment flows between Australia and India will continue in a mutually beneficial way to allow the development of our resources sector and to help meet the growing needs of the Indian economy for our resources."