Resources and energy already represent around 90% of the value of Australian exports to India and were worth more than $A9 billion throughout 2007.

Ferguson told IMME delegates that Australia wanted to invest in the development of India's mining industry and Australia continued to welcome Indian investment in its own resources and energy sector.

He told delegates Australia's transparent and open foreign investment regime should encourage further investment from India.

“Australia is a country built on foreign investment and we are delighted foreign companies want to invest in Australia, particularly when it is in our national interest and facilitates the development of Australia’s resources for the benefit of Australians,” Ferguson said.

He said Australia’s mining services and technology sector wanted to offer its world-leading products and services to the Indian mining industry to help improve exploration success, mine safety, environmental management, and the efficiency of resource extraction.

Ferguson added Australia wanted to continue its engagement with India on issues such as energy security and climate change, including carbon capture and storage technology, hydrogen and fuel cell technology, renewable technology, and more efficient industrial processes.

“Resources and energy will continue to be the cornerstone of India and Australia’s bilateral trading relationship," he said.