Australia can expect continued foreign investment well into the future as the country struggles to maintain its footing in the global financial crisis, South Australia Chamber of Mines and Energy chief executive Jason Kuchel told MINING DAILY.
According to Kuchel, the recent outcry over the spate of Chinese investment in Australia is simply a knee-jerk reaction to a non-existent problem.
“The resources sector in Australia has always relied on significant levels of foreign investment. Prior to the latest round of Chinese interest, Australians relied on Japanese investment and before them it was the North Americans,” he said.
“These foreign investors have brought Australia a great deal of prosperity and I suspect there are many more decades of investment to come.”
Kuchel said the current Chinese investment paranoia was not warranted, given that the country has both the Foreign Investment Review Board and the Federal Government looking out for the national interest.
“I wasn’t surprised when the Prominent Hill takeover bid was rejected,” he said.
“The Government has to do what is right for the country.”