The Minister for Resources and Energy, Martin Ferguson AM MP, has told some of New York's most influential business leaders that although world demand is slowing, strong foreign investment and continued infrastructure development is the key to the future for Australia's world-leading resources and energy sectors.
Speaking at the WA Resources and Commodities Information and Networking Reception - part of G'Day USA Australia Week - Minister Ferguson said: "Notwithstanding the current global financial crisis, robust economic growth in China and India will return as they pursue a modernisation agenda, improving their economic infrastructure, and providing the platform for the necessary economic activity to lift hundreds of millions of people out of poverty.
"That means, when it comes to investment in resources and energy development, Australia - and Western Australia - cannot stand still. We have to keep our eyes on the longer term and prepare to meet the inevitable resource and energy demands of the developing world, particularly on our doorstep in the Asia Pacific and the Indian rim.
"We have to continue to improve our productivity, invest in our export supply chains, invest in our workforce - through skills and training - and make sure we are ready for the markets of the future. We also need continuing investment in the sector and look forward to an ongoing relationship with the American companies already involved in developing Australian and West Australian resources.
"The US is currently our largest foreign investor, contributing more than a quarter of Australia's total foreign investment. American companies investing in Western Australia include major international players such as Alcoa, Apache Energy, Chevron, ConocoPhillips, ExxonMobil, Hess and Newmont. And there are many others.
"The investment these companies make in Australia plays an integral role in the development of our resources and energy. We are a country built on foreign investment and we are delighted when foreign companies want to invest in Australia, when it is in our national interest and when it facilitates the development of Australia's resources.
"The Australian Government is also committed to investing in our economic future and has established Infrastructure Australia to coordinate a $20 billion investment in the Building Australia Fund.
"This focus on infrastructure development and the Government's investment in export supply chains and our workforce will see Australia's resources sector well positioned to capitalise upon the next wave of growth. But we also need continuing investment in the sector and our relationship with the United States is particularly important in this regard."