India’s Scale and Australian Expertise Make for Win-Win Proposition: PM Modi

MELBOURNE:
Prime Minister Narendra Modi on Thursday pitched India as a long-term investment destination for Australian businesses, saying the country’s scale and Australia’s expertise make for a ‘win-win proposition’, while urging faster conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA) to deepen bilateral economic ties.

Jointly addressing the Australia-India CEOs Forum here with Australian Prime Minister Anthony Albanese, PM Modi said India’s strong economic growth, policy reforms, digital transformation and expanding innovation ecosystem creating new opportunities for Australian companies.

Highlighting the complementarities between the two economies, he pointed to investment opportunities across manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technologies, artificial intelligence (AI), fintech, food processing and the digital economy.

“India’s scale and Australian expertise make for a win-win proposition,” he said.

The Prime Minister also invited Australian investors to take advantage of long-term investment opportunities in India.

Moreover, PM Modi welcomed the growing presence of Australian universities in India, saying deeper collaboration in higher education, research, innovation and skill development would prepare talent in both countries for future global opportunities.

Later, addressing the Economic Roadmap Business event attended by more than 200 CEOs and business leaders from both countries, PM Modi described India and Australia as ‘natural partners’ whose shared democratic values, common Indo-Pacific vision, strong people-to-people ties and political understanding provide a robust foundation for expanding business cooperation.

Expressing satisfaction over the growth in trade and investment under the Economic Cooperation and Trade Agreement (ECTA) signed in 2022, PM Modi called for the early conclusion of the proposed CECA to take bilateral business ties to the next level.

He urged business leaders to leverage the complementary strengths of both countries and jointly develop global solutions in strategic sectors such as rare earths, lithium, batteries, electronics, electric vehicles (EVs), semiconductors, AI and defence supply chains.

PM Modi also stated that for bilateral business ties to grow to the next level, it was important that Indian states and Australian provinces forge dynamic economic partnerships based on their core competencies.

The two leaders jointly addressed the Australia-India CEOs Forum and the Economic Roadmap Business event in Melbourne. The events brought together leading Indian and Australian CEOs, business leaders, representatives of major Australian superannuation funds and institutional investors, and vice-chancellors of leading Australian universities.