The Hindu Business Line : Australia keen on biz ties with India

Bright future
"Business co-operation between Indian industry and the mining sector in Australia will auger well for the steel industry in India. We have the capability to help India develop its steel industry further."

Cansolin (Goa) , April 7

Australia is seeking Indian investment in its coal mining sector. Mr Ian McDonald, Minister of Natural Resources, Primary Industries and Mineral Resources, New South Wales, has said that Indian investment in the coal mining sector in Australia would be significant as it would help India secure the resources requirements of the domestic steel industry here.

Indian companies could also consider investments in petroleum exploration and the IT sector in Australia, he added.

Speaking to newspersons on the sidelines of Global Steel 2006, a three-day seminar organised by Steel RX, Mr McDonald said that India had already emerged as New South Wales's biggest market for hard coking coal.

India's annual import of coking coal from Australia has been pegged at $1 billion.

According to him, Indian companies such as Gujarat NRE Coke Ltd have already invested in the coalmining sector in Australia.

Several other Indian companies are stated to have evinced interest in setting up mining operations there. Indian companies would be welcomed to form joint ventures in this regard, he said.

"Business co-operation between Indian industry and the mining sector in Australia will auger well for the steel industry in India. We have the capability to help India develop its steel industry further."

He added that it would be imperative for the Indian steel industry to focus on "resource security."

According to Mr McDonald, countries such as China, Korea, and Japan are also keen on investing in the mining sector in Australia with a view to attaining resource security in the long term.

In his observations at the inaugural session of the seminar, Mr Neville Wran, Former Premier of New South Wales, said that already, over 1,500 Australian companies are doing business with India and this number is increasing by the day.

"This conference is a clarion call to companies in India and Australia to make them realise that, jointly, we can work together and unleash the potential that exists in greater economic co-operation between our two countries."