Australian Prime Minister Anthony Albanese attends the G20 leaders summit in Nusa Dua, Bali, Indonesia, Nov 15, 2022. (PHOTO / POOL / AP)
SYDNEY – Australian Prime Minister Anthony Albanese said on Tuesday his government wants to diversify trade and foreign investment partners, as he prepares to lead a business delegation to India which he said shares Australia's democratic values.
Australia wanted "greater diversity in who we trade with – and greater variety in what we trade, meaning our economy is more resilient and more secure," he said in a speech to the AFR Business Summit in Sydney.
Business leaders across transport, resources, finance, higher education, architecture and energy will on Wednesday accompany Australian Prime Minister Anthony Albanese to India, which is Australia's sixth largest trading partner
Business leaders across transport, resources, finance, higher education, architecture and energy will on Wednesday accompany Albanese to India, which is Australia's sixth largest trading partner.
The delegation includes Macquarie Group Chief Executive Shemara Wikramanayake, Commonwealth Bank of Australia Chief Executive Matt Comyn, Fortescue Metals Group founder Andrew Forrest, Universities Australia Chief Executive Catriona Jackson, and executives from BHP, Rio Tinto and Graincorp.
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India and Australia are security partners through the Quad group, which also includes the United States and Japan and frequently highlights democracy as a basis for cooperation.
"Our two nations share a rich history – bound by our democratic values and enlivened by genuine friendship and fierce sporting rivalry," Albanese said.
Australia would supply critical minerals to India, while also making electric vehicle components such as batteries and other green energy products in Australia, he said.
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"We can do all these things as well as remaining a trusted and reliable supplier of energy to key trading partners such as Japan and the Republic of Korea," he added.
Albanese said Australia would be "deepening and diversifying our international investment and trade links".