High Commissioner's remarks at the Indo-Australian Chamber of Commerce session on Lithium: Powering a new Australia-India Partnership
(check against delivery) Thursday 7 January 2021
Namaskar to all from Australia’s High Commission in India
Thank you for the opportunity to deliver these opening remarks today on the promise of lithium to this great bilateral relationship of ours.
I especially want to acknowledge: Western Australian Minister, (TBC) Jasmeet Singh Kalsi, Director, Manikaran Power, Chris Reed, Managing Director, Neometals, Aman Hans, NITI Aayog Ravin Mirchandani, Chairman of Ador and of the West India Chapter of the IACC Petula Thomas, Director of the IACC, As well as my colleagues from the Western Australia Government and Austrade.
I can’t emphasise more highly the growing importance and strategic significance of critical minerals to the future economies of our two countries.
India’s sustained long-term economic development, coupled with its need for resource security, offers significant commercial potential to both Australian and Indian firms.
In particular, Lithium, and Li-ion and other technologies, will can play a key role.
Indeed, India’s ambitious renewable energy targets have led to an expansion of its clean energy commitments.
At the 4th India Energy Forum on 26 October last year, Prime Minister Modi upped India’s ambition to achieving 450 gigawatt renewable energy generation capacity by 2030.
The production and uptake of electric vehicles is another area of fast-paced change.
Here, the Indian Government’s National Electric Mobility Mission Plan 2020 serves as a guide to where we can expect India to be headed.
The government hopes to boost sales of hybrid and electric vehicles to between 6-7 million units each year.
Exciting developments on this front include Softbank-backed ride-hailing firm Ola’s plans to establish the world’s largest electric scooter manufacturing facility in Tamil Nadu, which once complete will set global records for electric scooter production.
And then there’s the possibility of Tesla setting up future manufacturing plants in India depending to the success of its vehicle sales.
Lithium metal-based battery technologies will form the key component of the push for the rollout of EV and hybrid vehicle—and Australia and India both stand to gain from the promise of expanding trade in lithium resources.
As many of you are already aware, Australia is a reliable and cost-competitive supplier of resource and energy commodities.
Australia is the world’s largest producer of lithium—and has the second largest lithium reserves in the world.
And, as a market leader in Mining Equipment, Technology and Services (METS), our firms can contribute to the development of India’s own lithium resources.
Australia’s resource endowment, and our mining capabilities and expertise, well place us to support Prime Minister Modi’s ambitions around development of India’s new economy sectors.
This trade in lithium has the backing of the highest levels of leadership.
The historic elevation of our ties to a Comprehensive Strategic Partnership, agreed by Prime Ministers Morrison and Modi in June, led to the establishment of the India-Australia Joint Working Group on Critical Minerals.
The agreement covers cooperation between Australia’s Department of Industry, Science, Energy and Resources, and India’s Ministry of Mines, and the JWG held its inaugural meeting on 26 November.
There it agreed an ambitious agenda to accelerate growth in critical minerals trade and investment, including undertaking a demand study to map out India’s requirements for critical minerals inputs.
That study will build upon the information already provided to potential investors and offtake partners in the critical minerals prospectus published last year by the Australian Government and developed in partnership with our mining industry.
In view of the need for us to diversify and strengthen our supply chains—and in recognition of India’s drive toward self-sufficiency and the truly remarkable growth of its new economy sectors—the timing couldn’t be better for lithium-related trade and investment.
COVID-19 has impacted both our economies adversely, but also provides the impetus to develop more resilient and robust supply chains, as well as to collaborate in new areas.
The Australian Government is fully committed to driving strong outcomes on lithium trade and investment, and on critical minerals more broadly.
I encourage all present today to get in touch with the Australia Critical Minerals Facilitation Office, and my Austrade colleague Tim White who is also speaking today, to explore how the Australian Government can assist you in lithium trade and investment.
Of course, I am also happy to discuss how we at the Australian High Commission in New Delhi, and our Consulates-General across India, can support your efforts.
Finally, I want to again thank the Indo-Australian Chamber of Commerce for this opportunity today—and commend them on this great initiative and the ongoing contribution they make to the ever-deepening Australia/India relationship.