EU Ambassador urges Australia to make investment easier

Reuters is reporting that the EU Ambassador in Australia, speaking at the Minerals Week Conference in Canberra, Australia, urged the country to make foreign financial investment simpler. Ambassador Gabriele Visentin said EU financial investment in Australia was already big, and the bloc aspired to grow the level of investment, especially when it comes to investing in the sourcing of critical raw materials, such as lithium, cobalt and nickel.

As we know in the German Australia Business Council, Australia is abundant in critical minerals. These are particularly important for the transition to cleaner energy. Currently, China has a dominant position in the supply of those materials.

In May 2024, the EU and Australia signed a memorandum of understanding to comply more carefully crucial and strategic minerals as the EU tries to diversify its providers away from China and Russia and change its economy to reduce carbon emissions.

Australia and the EU have been negotiating a free trade agreement since 2018, although a deal remains elusive. Talks, however, were halted last October after Australia rejected an offer which did not sufficiently open European farming markets for Australian exports.