Prime Minister Narendra Modi on Thursday invited Australian businesses and institutional investors to deepen their engagement with India, underscoring the country's strong economic growth, policy reforms and digital transformation as key drivers of long-term investment opportunities.
Addressing the Australia-India CEOs Forum and the Economic Roadmap Business Event in Melbourne alongside Australian Prime Minister Anthony Albanese, Modi said the complementary strengths of the two economies create significant opportunities for businesses to expand cooperation across strategic sectors.
The two events brought together leading CEOs, business leaders, representatives of Australia's major superannuation funds and institutional investors, as well as Vice-Chancellors from leading Australian universities, reflecting the growing breadth of the bilateral economic partnership.
India pitches investment opportunities across emerging sectors
Highlighting India's rapid economic transformation, Modi said the country offers vast opportunities in manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technologies, artificial intelligence (AI), fintech, food processing and the digital economy.
He said India's large domestic market, combined with Australia's technological expertise and resource strengths, offers a "win-win proposition" for businesses from both countries.
Inviting Australian companies to expand their long-term presence in India, Modi said ongoing policy reforms, ease-of-doing-business initiatives and a thriving innovation ecosystem continue to strengthen India's attractiveness as a global investment destination.
Education and innovation emerge as key pillars
The Prime Minister also welcomed the growing presence of Australian universities in India, saying stronger collaboration in higher education, research, innovation and skill development would help build a future-ready workforce while creating new opportunities for global talent mobility.
He emphasised that deeper academic partnerships would complement growing business ties by supporting innovation-led economic growth in both countries.
Call for early conclusion of CECA
Addressing more than 200 CEOs and business leaders at the Economic Roadmap Business Event, Modi noted that India and Australia share democratic values, a common Indo-Pacific vision and strong people-to-people ties, providing a solid foundation for expanding bilateral trade and investment.
Expressing satisfaction over the growth in economic relations since the implementation of the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, he called for the early conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA) to unlock the next phase of bilateral economic growth.
According to Modi, a comprehensive trade pact would provide greater certainty for businesses, facilitate investment and strengthen supply chain integration between the two countries.
Focus on strategic supply chains and critical minerals
Modi urged businesses from both nations to leverage their complementary strengths in emerging industries and jointly develop global solutions in strategic sectors including rare earths, lithium, batteries, electronics, electric vehicles (EVs), semiconductors, artificial intelligence and defence supply chains.
These sectors are increasingly becoming central to global economic competitiveness and supply chain resilience, with both India and Australia seeking to reduce dependence on concentrated global sourcing.
States and provinces can drive the next phase of growth
The Prime Minister also proposed closer partnerships between Indian states and Australian provinces based on their respective industrial strengths and competitive advantages.
He said sub-national collaborations could unlock fresh investment opportunities, strengthen regional supply chains and accelerate economic cooperation beyond government-to-government engagement.
Concluding his address, Modi expressed confidence that the optimism generated during the CEOs Forum and the Economic Roadmap Business Event would translate into stronger commercial partnerships and sustained growth in India-Australia economic relations. |
