Australia Seeks to Deepen Raw Materials Ties With Japan

by | 24. Oct 2024 - 09:03 | Politics

Resource Minister Madeleine King will visit Australia’s second-largest trading partner this week.

Australia’s resources Minister, Madeleine King, will visit Japan this week to deepen ties between the two countries, mainly in the resource sector. According to a media statement, King will hold talks with high-ranking Japanese executives and deliver a speech at a joint business conference in Nagoya. Japan is Australia’s second-largest trading partner, with two-way trade worth more than $80 billion (AUS$120 billion) in 2023. In comparison, China ranked number one with almost triple the amount. While Australia mainly exports iron ore, coal, and aluminum to Japan, King highlighted the investment opportunities the global energy transition and the required critical minerals present.  

Australia hosts vast amounts of resources. With the Future Made in Australia Act, the country seeks to unlock the potential, strengthen domestic manufacturing, and promote key industries, including the critical minerals sector. The over $15 billion funding initiative recently passed Parliament and will move to the Senate for debate in the coming months. With the act, the government hopes to catalyze private-sector investment as well as international partnerships.

Australia and Japan have been collaborating in the field since 2022 under the Japan-Australia Critical Minerals Partnership. During her last visit to Asia in January, King met with trade ministers from Japan and South Korea and reinforced Australia’s role as a “stable and reliable export partner.” She also courted Japanese and South Korean investments into Australia’s critical minerals sector.

Photo: iStock/Oleksii Liskonih

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