Government launches new global resources strategy to help diversify exports

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Minister for Resources, Water and Northern Australia Keith Pitt has launched a new global strategy at Townsville that aims to diversify exports and find new markets for Australia’s resources and technology.

Making the announcement, Minister Pitt said the $20 million Global Resources Strategy would strengthen Australian resources exports and promote Australia as a reliable and responsible supplier to the world.

“The Strategy will also support global demand for Australian resources as the world recovers from the impacts of the COVID-19 pandemic and help Australia build resilience to trade shocks,” Minister Pitt stated.

“Australia’s resources sector more than lived up to its reputation as a dependable, resilient and efficient supplier of major commodities to the world throughout the COVID-19 pandemic.

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“The new Global Resources Strategy will make sure Australian resources and innovation can build on that reputation and strength, to secure new markets and long-term benefits for the wellbeing of the sector and the Australian economy.

According to the Minister, the Strategy would help boost investment in regional Australia by exploring new markets for Australia’s major commodities and critical minerals in the Indo-Pacific, Europe and North America.

“The Strategy supports the jobs of 262,000 people who currently work in the sector and will help create even more jobs by seeing an expansion in our export markets,” Mr Pitt continued.

“It will also support new investment in research and commercialisation of alternative uses for some of our commodities, and provide greater international focus for our world-leading and innovative mining engineering, technology and services sector.

“The Strategy will support the Australian resources sector to remain the world’s supplier of choice for our major commodities as well as our critical minerals and new energy resources, such as hydrogen.”

Additionally, the strategy will focus on building closer relationships with key trading partners through increased engagement at both government and industry levels.

“We’re looking to explore new export opportunities in South East Asia, where the World Energy Outlook reports demand for major commodities such as thermal coal is expected to increase beyond 2020 levels until 2030,” Minister Pitt said.

“The Strategy will also involve expert advice on opportunities for existing and emerging commodities such as hydrogen and critical minerals.”

Image credit: Department of Industry, Science, Energy and Resources Facebook page 
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