“India and Southeast Asia will account for more of the growth in demand for Australian resource commodities than any other region, including China.”
Australia’s government aims to boost investment from India to develop its remote north, seen as a front door to lucrative Asian markets, amid concerns that tighter regulatory oversight and diplomatic tensions with Beijing will curb Chinese spending.
While much of the foreign spending in the region has come from China in recent years, Australia’s Minister for Northern Australia, Matt Canavan, acknowledged in a newspaper interview on Monday that Canberra’s relationship with Beijing has changed, intensifying the pressure to diversify infrastructure ties.
“It is a more volatile environment and a totally different playing field than what we had five years ago,” Canavan told The Australian newspaper, in comments confirmed by government officials contacted by Reuters.
“India and Southeast Asia will account for more of the growth in demand for Australian resource commodities than any other region, including China.”
Australia’s relationship with China has been strained in recent years amid Canberra’s allegations that Beijing is meddling in its domestic affairs.
In September, Reuters reported Australian intelligence had found China was responsible for a cyber-attack on the national parliament and three largest political parties earlier this year.
China’s foreign ministry denied involvement in any hacking attacks and said the internet was full of theories that were hard to trace.
India is Canberra’s fourth-largest trading partner, worth A$29.1 billion ($20.02 billion) in 2018, though New Delhi is a relatively small investor into Australia, government data shows.
Some Indian investment has been controversial, most notably Adani Enterprises’ planned coal mine in outback Australia.
First acquired by Adani in 2010, the project is slated to produce 8-10 million tonnes of thermal coal a year and cost up to $1.5 billion, but has been mired in court battles and opposition from green groups.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Severity: Warning
Message: count(): Parameter must be an array or an object that implements Countable
Filename: amp/news_details_amp.php
Line Number: 252
Backtrace:
File: /home/smartmarketnews/public_html/application/views/amp/news_details_amp.php
Line: 252
Function: _error_handler
File: /home/smartmarketnews/public_html/application/controllers/Amp_controller.php
Line: 41
Function: view
File: /home/smartmarketnews/public_html/index.php
Line: 315
Function: require_once
Smarter Decisions with Smart News
Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.
media@smartmarketnews.com | sales@smartmarketnews.com
Contact Us