Observing that India’s projected energy and resources requirements are enormous, a top Australian government official today said that expanding trade in energy and resources will be a critical factor between India and Australia.
Inaugurating the Australian Consulate-General office here, Warren Truss, Australian Minister for Trade said: “Just as East Asia’s rapidly growing economy has been fed by Australian resources, we believe India can look to us as a reliable long-term supplier as its economy grows. India’s projected energy and resources requirements are enormous. India is already the world’s sixth largest energy consumer and demand for oil, gas and coal is surging,” he said.
“Australia, however, is a net energy exporter. We have five per cent of the world’s black coal reserves and we are the world’s largest coal exporter. We have 19 per cent of the proven recoverable reserves of liquid natural gas, or LNG, in the Asia-Pacific region,” the Minister said.
There was strong interest in Australia to become a long-term LNG supplier to India. “Although we have many years to go before Australia becomes a substantial LNG supplier to India, it would be wrong to ignore this potential,” he said.
Australia’s Export Finance and Insurance Corporation and India’s ICICI Bank will soon be finalising a multi-million dollar import credit scheme at Mumbai.
Participating in the function, Tamil Nadu Minister for Higher Education K Ponmudi said, “The full-fledged consulate in Chennai is a timely initiative in view of the strong business interests that are rapidly developing between the southern part of India and Australia.”
The Minister also requested the Australian Minister and the Australian High Commissioner to India to consider issuing of visas from the new consulate in Chennai.
