Last month, Australia announced a three-year critical minerals investment partnership with India that will action mutual benefits for both countries from Canberra’s leading critical minerals sector.

This partnership "will encourage strong, strategic supply chain partnerships, including through technical studies,” said Australian High Commissioner Barry O’Farrell.

“…This partnership is the first of its kind, represents a step-change in how countries can work together to support key industries and pursue growth opportunities,” he added.

The Australian government has reportedly allocated $5.8 million to the three-year Australia-India Critical Minerals Investment Partnership, Australia’s Minister for Resources and Water Keith Pitt said in a press statement. “Australia and India are natural partners sharing mutual strategic and economic priorities and this partnership will support further Indian investment in Australian critical minerals projects,” he states.

Pitt also said the combined capabilities of Australia and India will take on the challenge of resourcing the emerging technologies, such as defence, aerospace, automotive, renewable energy, telecommunications, and agritech, used in sectors.

India is expected to become the world’s most populous country within the next two years. Its fast-growing economy will create more trade and investment opportunities, so Pitt expresses the importance of Australia  building close ties with India. Australia will work closely with India to identify potential critical minerals investment opportunities, including technical and due diligence exercises that can assist the development of a business case for prospective Indian investment in Australia.

“With our vast quantities of development-ready critical minerals projects and reputation as a reliable trading partner, Australia is a logical choice as India looks to secure its supply chains,” Minister Pitt said.