From Daijiworld's special correspondent
 
Varca (Goa), Apr 8: Huge reserves of coking coal available on Australian soil may be another reason for two countries – India and Australia – to enter into a long-term relationship.

During the ongoing Global Steel Conference 2006 at a five-star hotel here, the Australian delegates extended a red carpet welcome to the Indian industries to secure a firm market for its huge coking coal reserves which are vital raw material for steel industry.

"In the present scenario resource security is vital. We have resources that can help India develop its steel industry," commented Ian Mcdonald, NSW Minister for Natural Resources, Primary Industries and Mineral Resources, Australia, after inaugurating the three-day long international conference on global steel 2006.

Various trade bodies, industry associations and bureaucrats with prominent Australian presence through Australian Trade Commission, participated in the   brainstorming session on the future of the industry.

"We have significant resources of coking coal and companies associated with the steel industry can secure this coal as it is basic raw material for them", McDonald said.

Besides Cricket, India and Australia have lot of things to share. While India is dependent on Australia for steel-industry based on raw material, Australia looks at India for its technological advancement in the Information Technology field, McDonald stated.

"A lot of companies are keen to sign joint venture agreements with Australia and secure the supply. Ensuring security of raw material supply is most important for any industry," said JP Singh, former Joint Secretary, Union Ministry of Steel.

Even as the conference entered into its second day, three Indian companies have already evinced interest in setting up joint ventures with Australian companies.

"The talks are yet to begin with these companies", he added.

Of the 20 million tonne coking coal imported by India, a major share comes from Australia.

In coal production, China is the biggest producer, which has registered 1,947 million tonnes of coal production in 2004, followed by the US, which pegs its production at 1,043 million tonnes. India ranks third with 397 million tonnes and Australia with 375 million tonnes, stated industry experts.