New flight to India-Australia partnership: Prime Minister Modi invited to increase investment and business

Melbourne, 9 July. Prime Minister Narendra Modi on Thursday called for taking economic cooperation between India and Australia to new heights, saying that in this era of global uncertainties, both the countries are natural and reliable partners. He urged Australian industry to be a part of India’s fast-growing economy and increase investment in sectors such as clean energy, manufacturing, artificial intelligence (AI), digital economy, infrastructure and education.

Addressing the Economic Roadmap Business Reception of the India-Australia CEO Forum held in Melbourne, the Prime Minister said the presence of business leaders from the two countries is a symbol of mutual trust and strong partnership. He said that the world is currently facing supply chain challenges, energy crisis and global instability. At such a time, cooperation between India and Australia is important not only for both the countries but also for the global economy.

The Prime Minister said that the India-Australia Economic Cooperation and Trade Agreement (ECTA), which was implemented in record time in the year 2022, has been successful in giving new strength to the economic relations of the two countries. After its implementation, exports from India to Australia have doubled and businesses in both countries have got access to new markets. He said that now both the countries are moving towards Comprehensive Economic Cooperation Agreement (CECA).

Call for investment in clean energy and nuclear sector

PM Modi said India is rapidly developing a manufacturing ecosystem for green hydrogen, hydropower projects, solar modules and wind energy equipment. He described Australia’s technical expertise, financial resources and uranium reserves as vital to India’s energy transition. He reminded that India has set a target of 500 GW of renewable energy capacity by 2030 and net zero emissions by 2070. Also mentioning the recent opening of nuclear power sector to the private sector, he said that India has set a target of 100 GW nuclear power capacity by 2047, in which Australia can become an important partner.

Immense opportunities in infrastructure and industry

The Prime Minister invited Australian investors to invest in India’s ports, airports, roads, railways and urban development projects. He said that national highways in India are being expanded at a pace of about 34 kilometers per day, while more than 8 kilometers of railway tracks are being laid every day. He said that the partnership between the two countries in the steel sector is already strong and now there is vast scope for cooperation in areas like green iron, low-carbon aluminum and clean manufacturing technology.

Focus on AI, semiconductor and digital economy

Prime Minister Modi said that the Government of India has made a provision of more than $10 billion for AI mission, quantum mission and semiconductor program. He called upon both the countries to jointly develop global solutions in the fields of data centres, artificial intelligence, quantum technology, semiconductors and digital public infrastructure.

Cooperation will also increase in education and skill development

Describing education and skill development as an important basis of partnership between the two countries, PM Modi said that Australia’s Deakin University and University of Wollongong have already established their campuses in Gujarat’s Gift City. He said that now there is a need to transform student exchange into talent based partnership. Concluding his address, the Prime Minister said that India-Australia relations should not be limited to just the capitals of the two countries, but strong partnerships should also be developed between states, cities, universities and industries. He also suggested promoting state-to-state and region-to-region cooperation.