"Complementaries in economic strengths": Chief Executive of Business Council of Australia Bran Black praises India-Australia partnership
Melbourne, July 9
Chief Executive of the Business Council of Australia, Bran Black, on Thursday highlighted Prime Minister Narendra Modi's longstanding emphasis on strengthening ties with Australia, recalling an anecdote that underscored the Indian leader's early interest in deepening bilateral engagement.
Speaking to ANI, in response to the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne, Black said, "When Prime Minister Modi first became Prime Minister, he was briefed on the countries that India engages with and the opportunities for India to engage further. At the end of the meeting, I'm told that he said, 'Where's Australia? What about Australia?' And that is a lovely reflection on the priority that Prime Minister Modi places on this relationship."
Black also praised India's economic transformation and the expanding opportunities for Australian businesses, pointing to the rapid growth of India's middle class.
"What I am particularly delighted to see is that the projections are that the size of the Indian middle class will increase to 600 million people by 2035. What that signals to me and the world is that these reform efforts are having tangible impacts on people's lives every day," he said.
Highlighting growing investment cooperation between the two countries, Black welcomed AustralianSuper's announcement of an AUD 500 million investment in India's National Infrastructure Fund.
"We saw that AustralianSuper today committed to $500 million towards the National Infrastructure Fund in India. That's terrific. A partnership that's ultimately reflective of our strong person-to-person links. We are strong democracies. We have complementarities in terms of our economic strengths, and it makes sense for us," he added.
Earlier, PM Modi welcomed a massive capital commitment from AustralianSuper, Australia's largest pension fund, managing over 410 billion Australian dollars in assets. Prime Minister Narendra Modi noted that the investment reflects the burgeoning global confidence in India's economic path and the vast potential of its domestic market.
In a post on X, PM Modi shared, "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's remarks on X followed his address at the India-Australia CEO Forum and Economic Roadmap Business Reception during his visit to the nation.
Pitching India as a secure and dependable long-term investment destination, PM Modi spotlighted the expanding economic synergy between the two democracies and welcomed pension giants to participate in India's long-term growth trajectory by scaling up their footprints.
"Australian pension funds currently manage assets exceeding four trillion dollars. In India, pension savings are regarded as a sacred trust... India offers your funds opportunities for safe, stable, and sustainable growth. Our endeavour will be to ensure that both your trust and your capital grow. There is a natural synergy between the two nations in the realms of education and skills... Our shared goal should be to transform student mobility into talent partnerships," PM Modi stated at the forum.
— ANI
Reader Comments
Finally, a pragmatic foreign policy move! Australia's pension funds looking at India as a stable investment destination is a strong vote of confidence. Our reforms are paying off - 600 million middle class by 2035 is no joke. But let's hope the benefits trickle down to small businesses too, not just big corporations. 🤞
Good to see Australia recognizing the "complementaries" in our economies. They have resources, we have a massive market and skilled workforce. The student mobility to talent partnership idea is gold - our youth get world-class education and bring skills back home. Win-win! 🇮🇳🤝🇦🇺
Impressive numbers but let's not get carried away. Yes, investment is great, but we need to ensure these pension funds don't come with strings attached that impact our policy sovereignty. Also, 600M middle class is a projection - we need to focus on creating actual jobs and reducing inequality first.
As someone in the infrastructure sector, this is huge! AUD 500M from AustralianSuper for National Infrastructure Fund will boost roads, ports, and energy projects. Plus, Modi ji's pitch about pension savings being a "sacred trust" resonated well. Australia sees India as reliable - that's the biggest takeaway. Well played!
Love how this partnership goes beyond just trade - it's about shared democratic values and people-to-people links. The student mobility to talent pipeline is what excites me most. But hope we also focus on equitable growth, not just urban centers. Rural India needs infrastructure too! 🌄
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