Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese on Thursday made a strong pitch for expanding India-Australia economic ties, urging businesses from both countries to forge deeper partnerships in emerging sectors while highlighting the vast opportunities created by India’s rapid economic transformation.
Photo:ANI
Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese on Thursday made a strong pitch for expanding India-Australia economic ties, urging businesses from both countries to forge deeper partnerships in emerging sectors while highlighting the vast opportunities created by India’s rapid economic transformation. The message of growing investor confidence was reinforced by AustralianSuper’s announcement of an AU$500 million investment in India, which Modi described as a significant endorsement of the country’s growth trajectory and reform agenda.
The two leaders jointly addressed the Australia-India CEOs Forum and the Economic Roadmap Business event in Melbourne, bringing together leading Indian and Australian chief executives, business leaders, representatives of major Australian superannuation funds and institutional investors, along with vice-chancellors of prominent Australian universities. The events formed a key component of Modi’s official visit to Australia for the third India-Australia Annual Leaders’ Summit.
Advertisement
Addressing the CEOs Forum, Modi said India’s sustained economic growth, wide-ranging reforms, digital transformation and thriving innovation ecosystem had opened unprecedented opportunities for Australian businesses and investors.
Advertisement
“India’s growth story presents immense opportunities for Australian businesses. Together, we can build trusted and future-ready partnerships,” the Prime Minister said, inviting Australian companies to become long-term partners in India’s development journey.
Emphasising the complementary strengths of the two economies, Modi said India’s scale, expanding domestic market and manufacturing capabilities, when combined with Australia’s technological expertise, natural resources and innovation ecosystem, offered a “win-win proposition” for businesses in both countries.
He identified manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technologies, artificial intelligence, fintech, food processing and the digital economy as sectors with enormous potential for collaboration.
The Prime Minister also welcomed the growing presence of Australian universities in India, saying stronger cooperation in higher education, research, innovation and skill development would equip the next generation with capabilities required for future industries while creating greater global opportunities for students and researchers from both countries.
Addressing the Economic Roadmap Business event attended by more than 200 CEOs and senior business leaders, Modi broadened the discussion to the strategic foundations of bilateral economic cooperation. He said shared democratic values, a common vision for a free, open and inclusive Indo-Pacific, strong political trust and vibrant people-to-people ties provided an ideal platform for significantly expanding trade and investment.
Expressing satisfaction over the growth in bilateral commerce following the implementation of the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, Modi called for the early conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA), saying it would unlock the full economic potential of the partnership and elevate commercial engagement to a new level.
He urged industry leaders to leverage the strengths of both countries to build resilient global supply chains and jointly develop solutions in strategically important sectors such as rare earths, lithium, battery manufacturing, electronics, electric vehicles, semiconductors, artificial intelligence and defence manufacturing.
Modi also stressed the importance of strengthening economic engagement between Indian states and Australian provinces, saying sub-national partnerships based on complementary strengths could become a key driver of the next phase of bilateral cooperation.
The business engagements also witnessed a major investment announcement by AustralianSuper, Australia’s largest pension fund and one of the world’s biggest institutional investors. Chief Executive Paul Schroder announced an AU$500 million investment in India, signalling growing confidence among global institutional investors in the country’s long-term economic prospects.
Welcoming the announcement in a post on social media platform X, Modi described the investment as a reflection of international confidence in India’s reform-driven growth story.
“India welcomes the AU$500 million investment from AustralianSuper, announced by their Chief Executive, Mr. Paul Schroder this morning in Melbourne. This is yet another glimpse of the global confidence in India’s growth and reform trajectory. It also reflects the immense opportunities that our dynamic economy offers global investors,” the Prime Minister wrote.
The investment is expected to further deepen financial and investment linkages between India and Australia while supporting projects across infrastructure, manufacturing, renewable energy and the digital economy. It also highlights the increasing interest of Australian pension funds in India’s expanding market as New Delhi continues to attract long-term institutional capital through policy reforms, infrastructure expansion and sustained economic growth.
The twin business forums generated significant momentum for broadening cooperation beyond traditional sectors, with discussions focusing on innovation, critical minerals, clean energy, technology, higher education, advanced manufacturing and resilient supply chains. Representatives from major Australian institutional investors and universities explored opportunities for long-term partnerships with Indian counterparts in line with the priorities identified by both governments.
India and Australia have substantially strengthened their relationship over the past several years after elevating ties to a Comprehensive Strategic Partnership in 2020. Bilateral economic engagement received a major boost with the implementation of the Economic Cooperation and Trade Agreement in December 2022, which has expanded market access and boosted trade. Negotiations on the more ambitious Comprehensive Economic Cooperation Agreement are continuing and are widely regarded as the next milestone in unlocking the full potential of the bilateral economic partnership.
Modi’s Australia visit is the second leg of his three-nation Indo-Pacific tour after Indonesia and ahead of New Zealand. The visit is centred on the third India-Australia Annual Leaders’ Summit, where both sides are expected to unveil new initiatives aimed at strengthening cooperation across trade, investment, clean energy, critical minerals, education, technology, defence, innovation and people-to-people exchanges, further reinforcing one of the Indo-Pacific’s fastest-growing strategic partnerships.
Advertisement
