India and Australia Are Natural and Trusted Partners, Says PM Modi at CEO Forum

India, Australia to move forward as natural, trusted partners, says PM Modi at CEO Forum

Melbourne, July 9

Greeting business leaders from both countries at the Economic Roadmap Business Reception during the India-Australia CEO Forum, PM Modi said their presence reflected the "shared confidence and aspirations" of India and Australia.

Addressing the gathering, the Prime Minister said, "Today, the world is going through a period of uncertainty, supply chain disruptions, and an energy crisis. At such a time, it is both natural and necessary for India and Australia to move forward as natural and trusted partners. Over the past few years, we have built a strong framework for future cooperation by combining the capabilities of both countries."

PM Modi said the India-Australia Economic Cooperation and Trade Agreement (ECTA), concluded in record time in 2022, has significantly strengthened bilateral economic ties and created fresh opportunities for businesses in both countries.

"Since its implementation, exports from India to Australia have doubled, and businesses in both countries have benefited from new market access; however, we have not stopped there -- we are now moving towards a Comprehensive Economic Cooperation Agreement," he said.

He added, "Through these efforts, the governments of both nations have prepared a new runway, and the aircraft of investment and innovation is now ready to take off. You all have to take this to new heights."

Highlighting opportunities in the clean energy sector, PM Modi said India is rapidly building a robust manufacturing ecosystem for hydroelectric projects, green hydrogen, solar modules and wind energy equipment.

Addressing representatives of clean energy companies present at the forum, he said, "We are building a manufacturing ecosystem in India for hydro projects, green hydrogen, solar modules, and windmills."

The Prime Minister noted that India has set ambitious targets of achieving 500 gigawatts of renewable energy capacity by 2030 and reaching Net Zero emissions by 2070. He said Australia's technological expertise, financial resources and natural reserves could play a crucial role in accelerating India's energy transition.

Referring to recent policy reforms, PM Modi said, "A few months ago, India opened up the nuclear sector to private companies. We have set a target of 100 gigawatts of nuclear energy by 2047. Australia's vast uranium reserves are directly linked to India's nuclear journey,.

The Prime Minister also invited Australian investors to participate in India's rapidly expanding infrastructure sector, saying there were vast opportunities in ports, airports, highways, railways and urban development projects.

"There are immense possibilities for Australian long-term investors in India's port, airport, road, railway, and urban infrastructure sectors. Today, national highways in India are expanding at a pace of approximately 34 kilometres per day. More than 8 kilometres of railway tracks are being laid daily. This represents a convergence of scale, speed, and stability," he said.

Emphasising industrial cooperation, PM Modi said India and Australia have already emerged as "strong partners" in the steel sector and could now work together in areas such as low-carbon aluminium, green iron and clean manufacturing technologies.

The Prime Minister also underlined the vast scope for collaboration in emerging technologies, noting that the Indian government has committed more than 10 billion dollars towards initiatives under the AI Mission, Quantum Mission and Semiconductor Programme.

"The Indian government has provided support exceeding $10 billion under the AI Mission, Quantum Mission, and Semiconductor Program. We can collaborate to develop global solutions in the fields of data centres, AI, quantum technology, semiconductors, and digital public infrastructure," he said.

Referring to Australia's large pension funds, PM Modi said India offered a stable and reliable investment destination while assuring investors that their capital would be treated with utmost responsibility.

"Australian pension funds currently manage assets worth over four trillion dollars. In India, pension savings are regarded as a sacred trust; we view them not merely as capital, but as the trust of millions of families. 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," he said.

PM Modi further highlighted the growing cooperation in education and skill development, pointing out that Deakin University and the University of Wollongong have already established campuses in Gujarat International Finance Tec-City (GIFT City).

"This reflects their confidence in India. Our shared goal should be to transform student mobility into talent partnerships," he said.

Concluding his address, the Prime Minister stressed that the India-Australia partnership should expand beyond engagements between national capitals and involve states, cities, universities and industries across both countries.

"Our partnership should not be limited to just our capitals or a few select cities; we must engage stakeholders across our states, cities -- both large and small -- universities, and industries," he said.

"I suggest that, moving forward, we identify specific state-to-state and sector-to-sector partnerships," the Prime Minister added.

— IANS