Australian PM to visit India, set to strengthen ties in rare earth sector

Australian Prime Minister Anthony Albanese. File Pic/AFP

India is likely to announce significant investments in the rare earth sector in Australia during the visit of Prime Minister Anthony Albanese here beginning Wednesday.

Albanese, who arrives in Ahmedabad on Wednesday when India celebrates Holi, is also expected to participate in the festival of colours, watch the India-Australia cricket test match with Prime Minister Narendra Modi before heading for Mumbai to engage with the business community and later to Delhi for bilateral talks.

"KABIL (Khanij Bidesh India Limited) is set to make a significant investment in the rare earth sector in Australia, a move welcomed by the Australian government and Indian government, particularly by the business community," Australian High Commissioner to India Barry O'Farrell told reporters here.

Albanese will be accompanied by Trade and Tourism Minister Don Farrell and Resources Minister Madeleine King, and also a delegation of 27 business leaders from sectors ranging from banking to mining.

The Australian prime minister's talks with Modi are expected to focus on further strengthening economic and strategic cooperation, particularly in the Indo-Pacific region.

O'Farrell noted that Prime Minister Modi wants India to become a global hub for advanced technology manufacturing, a sector that Australia can assist in.

Australia had recently blocked a Chinese-linked investment fund Yuxiao Fund from increasing its stake in a rare earths producer in the island nation.

Also Read: Pakistan seeks Saudi Arabia's confirmation for funds to ink IMF deal

KABIL is a joint venture of three state-owned companies -- National Aluminium Company Limited, Hindustan Copper Limited and Mineral Exploration Corporation Limited -- and is exploring opportunities for investment in lithium mines in Argentina and Australia.

"India is one of the world's fastest growing energy consumers and an emerging technology superpower. The scale of India's energy transition presents unparalleled prospects not just for Australian businesses but for world business across renewable exports technology and clean energy supply chains," O'Farrell said.

"There is no doubt we are seen by India as a reliable, trusted partner, which is exactly the same way we see India," he said.

The India-Australia Economic Cooperation and Trade Agreement (ECTA) came into force on December 29, 2022. Under the pact, Australia was to offer zero-duty access to India for about 96.4 per cent of exports (by value) from the day the agreement was enforced.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever