Global Processing

Australia to ''Cash in on Indian Growth''

February 8, 2010
The Associated Foreign Press reports Australia''s coal and liquefied natural gas (LNG) exports to India are set to climb as the South Asian nation''s economy undergoes rapid growth, Australia''s central bank said. Asia is bouncing back from the global slump more quickly than the rest of the world, at the same time India is becoming an increasingly important destination for Australian resources. "Indian demand for Australia''s exports has risen sharply, with particularly rapid growth over the past decade," the Reserve Bank of Australia (RBA) said in a statement on monetary policy. The bank said growth had been rapid in exports of goods and services and that it was in exports, such as coal and LNG, where revenues were headed for significant future growth. The bank said LNG was "another likely source of future growth in Australia''s goods exports to India". "LNG production capacity in Australia and import capacity in India are both projected to increase significantly and long-term supply contracts have recently been agreed for the sale of Australian-produced LNG to Indian buyers."