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


India Prime Minister Anthony Albanese is expected to announce significant investment in Australia’s rare earth sector during his visit here starting Wednesday.

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

“Kabil (Mineral Bidesh India Limited) is set to make a significant investment in the rare earth sector in Australia, a move that has been welcomed by the Australian government and the Indian government, particularly by the business community,” said Australia in India. High Commissioner Barry O’Farrell said. told reporters here.

Albanese will be joined by Trade and Tourism Minister Don Farrell and Resources Minister Madeleine King and 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, an area in which Australia can help.

Australia recently blocked Yuqiao Fund, a Chinese-linked investment fund, from increasing its stake in a rare earth producer in the island nation.

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Kabil is a joint venture of three state-owned companies – National Aluminum Company Limited, Hindustan Copper Limited and Mineral Exploration Corporation Limited – and is exploring investment opportunities 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 unprecedented opportunities not only for Australian businesses but for global trade in renewable technology exports and clean energy supply chains. does.” O’Farrell said.

“There is no doubt that we see India as a reliable, trustworthy partner, which is exactly the way we see India,” he said.

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

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