Australia is targeting the electric car battery industry
Australian Minister of Industry and Science Ed Hosek announced that his country’s government is preparing to launch a strategy aimed at turning Australia into a major player in the electric vehicle battery industry.
Hosek said that the narrow industrial base in Australia shows the difficulty of leaving the local economy to market forces only, pointing out that changing reality needs a lot, and it takes a look beyond what market forces produce.
He considered that Australia’s very low ranking in the “Harvard” index of economic complexity was “extremely disappointing”.
The agency “Bloomberg” news to the decline of Australia to rank No. 93 on the “Harvard” index of economic complexity consisting of 133 countries, which was issued last week.
Australia’s exports depend heavily on raw materials such as iron and coal. At the same time, Australia lost important industries such as the automobile industry, which lost its competitiveness as a result of the high value of the Australian dollar and the cost of labor.