Melbourne, July 9: Prime Minister Narendra Modi on Thursday urged Australian businesses to invest in India and called for the early conclusion of the proposed India Australia Comprehensive Economic Cooperation Agreement (CECA) to strengthen bilateral trade and investment.
Addressing the Australia India CEOs Forum and the Economic Roadmap Business event in Melbourne, Modi said India offers unmatched growth opportunities across aviation, financial services, critical minerals, technology, food processing and several other sectors.
The Prime Minister is on a three day visit to Australia aimed at expanding cooperation in defence, energy and trade. He addressed the business events before holding bilateral talks with Australian Prime Minister Anthony Albanese.
Business leaders, senior executives, representatives of major Australian superannuation funds and Vice Chancellors of leading Australian universities attended the events.
Modi welcomed AustralianSuper’s announcement to invest 500 million Australian dollars in India. He said the decision reflects growing global confidence in India’s economic reforms and long term growth potential.
The Prime Minister noted that trade and investment between the two countries have grown steadily since the India Australia Economic Cooperation and Trade Agreement came into force in 2022. He said an early conclusion of the proposed CECA would further deepen economic cooperation.
Highlighting India’s economic reforms, digital transformation and expanding innovation ecosystem, Modi said the country offers significant opportunities in manufacturing, clean energy, mining, infrastructure, logistics, artificial intelligence, fintech, advanced technology and the digital economy.
He also encouraged Australian investors to explore long term investment opportunities in India and welcomed the increasing presence of Australian universities in the country. He said stronger cooperation in higher education, research, innovation and skill development would prepare talent in both nations for future opportunities.
Addressing a larger gathering of business leaders, Modi stressed that India and Australia share democratic values, strong political ties and a common vision for the Indo Pacific. He urged businesses from both countries to collaborate in rare earths, lithium, batteries, electronics, electric vehicles, semiconductors, artificial intelligence and defence supply chains.
The Prime Minister also suggested stronger partnerships between Indian states and Australian provinces to unlock new economic opportunities based on their respective strengths.
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