Mr Beni Prasad Verma the union minister of Steel met with Mr Martin Ferguson the minister for Resources, Energy and Tourism, Government of Australia, when the latter called upon the Steel Minister to discuss issues related to greater cooperation in mining and steel sector.
During the interaction, Mr Verama said that Australia is a very important partner for India. He said that there is great deal of cooperation between Indian and Australian steel and mining companies and the relationship is beneficial for both the countries. He mentioned that Indian companies source 80% of coking coal used by Indian Steel Industry from Australia while Australia is dependent on India for trade in many sectors including steel and mining. He stressed on Australian Government's assistance in developing investment opportunities in the resource sector.
Speaking on the occasion, Mr Ferguson assured help to Indian companies in areas of steel and mining. He said that there is a need from India to facilitate policy measures to ease business between the two countries. He showed interest in the National Steel Policy and the growth, the country has achieved in the steel sector.
Mr CS Verma chairman of Steel Authority of India Limited and NMDC said that SAIL is scouting for coking coal properties in Australia. He said that there is a need to facilitate development of port infrastructure and look into application of the force majeure clause in Australia.
