Mitsubishi CEO calls for ‘stable’ investment climate in Australia
Mitsubishi, one of Japan’s biggest investors in Australian resources, has called on the Labor government to ensure a stable investment environment, warning the clean energy transition needs to be approached with caution.
Mitsubishi chief executive Katsuya Nakanishi’s comments follow warnings from Tokyo Gas and Inpex which are concerned about the stability of LNG supply under Labor’s new gas policy, and the cost of operations under emission cutting targets.
The Japanese multinational giant has joint venture interests in coal, iron ore and gas across Australia to power Japan’s electricity grid and industrial base.
“There is a strong future for the relationship,” Mr Nakanishi told the Australia Japan Business Co-operation Committee’s annual conference in Melbourne on Monday. About 300 senior Japanese executives travelled to Australia for the conference.
“We have a relationship of trust. I hope the relationship can guarantee a stable investment environment,” he said.
The CEO’s comments echoed remarks made by Japan Economy and Trade Minister Yasutoshi Nishimura stressing the need for Australia to have a “stable investment environment” in talks with three senior Albanese government ministers in Melbourne on Sunday.
Trade Minister Don Farrell assured Mr Nishimura that Australia remained a stable supplier of LNG during the talks that also included Energy Minister Chris Bowen and Resources Minister Madeleine King.
Mr Nishimura told Japanese media after the meeting with the three ministers he was still concerned about the impact of Labor’s emissions policies on LNG and coal supply, news agency Kyodo.
Japan’s trade minister Yasutoshi Nishimura in Melbourne on Sunday Luis Enrique Ascul
“I reiterated to Minister Bowen that Japanese
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