Much has been said and written about Prime Minister Morrison’s recent visit to the United States. However, the commitment to growing stronger linkages in science and technology between our two nations was an important step in opening up new and exciting trade investment opportunities.
Australia relies on foreign investment and many of our major industry need capital that is deep and patient. Today, Australia has attracted over 3 trillion dollars in capital from economies all around the world.
This investment funds our nation’s roads, railways, communications, ports, dams, energy and other infrastructure that enhances the quality of life of our people.
One of the exciting outcomes of the visit was the agreement between Australia and the United States to develop a critical minerals action plan that will deliver greater security and supply of these resources.
Critical minerals and rare earths are already a multi-billion dollar industry in Australia.
Our nation has substantial resources of the critical commodities that support modern life and plays a key role in the international supply chains that delivers advanced consumer goods, healthcare and transportation systems, such as electric vehicles.
Global demand for critical minerals such as lithium, cobalt, copper and rare earth elements is growing at rapid rates. This new partnership between Australia and its most important alliance partner offers enormous opportunities for the Australian minerals industry and the broader economy.
Importantly, it builds on the Federal Government’s announcement earlier this year heralding investments in Co-operative Research Centre grants for critical minerals projects.
The deepening of scientific links will also see greater collaboration on lithium-ion recycling, with the CSIRO by joining the US Department of Energy-funded ReCell Center’s Industrial Advisory Council.
The benefits of these partnerships cannot be ignored. Indeed, it is these partnerships that will help generate jobs and create wealth both here and with our trading partners, such as the United States.
Cornerstone Group Australia is proud of its strong global connection with Cornerstone Government Affairs in Washington DC. This reach and understanding of the government and business eco-systems in both nations is even more important as Australia and the United States for businesses looking to carve out new trade opportunities against a backdrop of increasing geopolitical tensions.
While Australia and the United States share many common bonds, doing business in both countries and growing commercial and trade opportunities can present significant challenges to businesses, no matter the size or the industry. For those wishing to enter either market, the regulatory and policy maze can present a barrier that is difficult to overcome.
That is why it is important to have advisers in both nations that come together, speak the same political and regulatory language to effectively position businesses in an increasingly complex and often hostile environment.
If you would like to learn more about the myriad of opportunities in Australia’s critical minerals sector and ways in which you and your business can partner with Cornerstone here in Australia and the United States please contact us about this article.