MODI VISIT REINFORCES URANIUM FUTURE WITH INDIA

Prime Minister Narendra Modi's visit to Australia symbolises the strength of Australia’s developing relationship with India and the potential for expanding trade to the benefit of both nations.

Mr Modi is committed to growing India's economy.  Energy development will be critical. Mr Modi's visit reinforces India's commitment to the peaceful development of its civilian nuclear power sector and the development of a safe and secure uranium trade with Australia.

India has 21 operable nuclear power reactors; six under construction; and 57 either planned or proposed. According to analysis by the International Energy Agency released last week, India will invest $96 billion in nuclear plants to 2040 and nuclear’s share of India’s electricity generation will rise from 3 per cent today to 12 per cent in 2030 and 25 per cent in 2050.

Australia has around a third of global uranium reserves and is well placed to supply this growing demand.

The Australia-India Nuclear Co-operation Agreement agreed in September will provide safe and responsible market access for Australian uranium; support investment, jobs and economic growth at home; and enhance relations and economic development abroad. The agreement was tabled in the Australian Parliament in October and received bipartisan support.

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