PM Modi’s big bet on Australia tour! Announcement of investment worth billions in India, new opportunities will open from AI to semiconductor.

PM Modi in Australia: During his visit to Australia, Prime Minister Narendra Modi is busy giving a new direction to the economic and strategic relations between the two countries. On Thursday, he met with Australian Prime Minister Anthony Albanese and jointly addressed the India-Australia CEO Forum and Economic Roadmap Business Event. Prominent industrialists, investors, business leaders and vice chancellors of universities from both the countries participated in the program.

In his address, Prime Minister Modi highlighted India’s rapidly growing economy and investment-friendly environment and invited Australian investors to invest in India. He said that India’s huge market and Australia’s expertise together can create new development opportunities for both the countries.

During this time, Australia’s largest pension fund AustralianSuper announced to invest 500 million Australian dollars in India’s National Investment and Infrastructure Fund (NIIF). Prime Minister Modi welcomed this decision and called it an important step for the economic partnership of the two countries. This investment will be separate from the previously announced investment of 240 million Australian dollars.

Prime Minister Modi appealed for investment in sectors such as clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technology, artificial intelligence (AI), fintech, food processing and digital economy. He said that India and Australia together can create new possibilities at the global level in these areas.

PM Modi said that at present the world is facing challenges like uncertainty, supply chain disruption and energy crisis. In such times, it is the need of the hour for India and Australia to move forward as reliable partners.

Referring to the India-Australia Economic Cooperation and Trade Agreement (ECTA) signed in the year 2022, he said that after its implementation, exports from India to Australia have doubled. Also, businessmen of both the countries have got the benefit of access to new markets.

Saying that investment should not be limited only to big cities, the Prime Minister stressed on increasing direct investment and cooperation between states. He said that there is immense potential for investment in ports, roads, railways, semiconductors, data centers and other infrastructure projects in India.

During the visit, there is also a possibility of discussion between the two leaders on trade and defense cooperation. Apart from this, Prime Minister Modi will also address a big program of the Indian community at Marvel Stadium in Melbourne, in which thousands of NRIs are expected to attend.