Queensland resources prepares to deliver through more trade with India
Published by Claire Cuddihy,
The Queensland Resources Council (QRC) has welcomed the release of the Australian Government’s Coal in India 2019 report, reinforcing the enormous potential for new jobs and economic benefits through expanding the nation’s resources trade with India.
QRC Chief Executive Ian Macfarlane said Queensland was in the ideal position to make of the most of the opportunities through more trade with India.
“Queensland should keep playing to our strengths. And that means seizing the opportunities to meet an expanding market for coal and other Queensland commodities,” Macfarlane said.
“The Australian Government Coal in India 2019 report underlines the potential jobs, export and royalty tax benefits from expanding Australia’s thermal coal exports to India, with more than 4000 new direct jobs forecast for regional areas.
“It makes sense to export Australia’s high quality coal for use in global markets, because our coal has a higher energy content and produces lower emissions than coal from other exporting nations.
“By creating stronger trading partnerships with India, Queensland can help deliver a range of commodities that India needs to grow and deliver a higher standard of living for its people, and at the same time benefit every Queenslander.
“There are opportunities for the expansion of both thermal and metallurgical coal exports to India.
“India is already Queensland’s third largest customer for coal, behind China and Japan. In 2018 the total value of Queensland coal purchased by India was AUS$9.5 billion.
“India is now the world’s second largest steel producer, and Queensland’s world-leading metallurgical coal is helping power that growth. In 2018, India was the largest buyer of Queensland metallurgical coal.
“There are also rich new opportunities for the export of Queensland zinc, gold and LNG as a result of India’s continuing economic growth and urban development. For example, India’s demand for zinc is forecast to grow by 7.6% each year to 850 million t in 2021.
“New resource projects and new markets for Queensland commodities means more jobs, more investment and more money paid back to Queenslanders through royalty taxes.
“QRC looks forward to further strengthening the trading partnership between Australia and India, and in particular between Queensland and India.”
Read the article online at: https://www.worldcoal.com/coal/23082019/queensland-resources-prepares-to-deliver-through-more-trade-with-india/
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