CANBERRA, Sept 11 (Askume) – The European Union wants Australia to facilitate foreign investment as it seeks to diversify its supply chains for critical minerals, the EU ambassador to Canberra said on Wednesday.
Ambassador Gabriel Visentin said EU investment in Australia was already “significant” and the bloc was particularly keen to increase investment in key raw materials such as lithium, cobalt and nickel.
Australia is rich in key minerals needed for defence applications and the transition to clean energy, and its allies see it as an important potential source to break China’s dominance in the supply of these materials.
“We want to invest in as many like-minded partners as possible,” he said at the Minerals Week conference in Canberra.
“We want to do more and we want to see an environment in Australia that encourages more foreign direct investment.”
In May, the two sides signed a memorandum of understanding for closer cooperation in critical and strategic minerals , as the EU seeks to diversify its suppliers away from China and Russia and try to reduce carbon emissions in its economy.
Australia and the EU have been negotiating a free trade deal since 2018 but have yet to reach an agreement.
In October last year , Australia rejected the agreement, saying it failed to fully open the European agricultural market to Australian exports, and talks reached a deadlock.
