Melbourne: Prime Minister Narendra Modi on Thursday pitched for early finalisation of the proposed India-Australia Comprehensive Economic Cooperation Agreement (CECA) as it will further accelerate bilateral trade and investment ties.
In an address at a business forum, Modi also invited Australian companies to invest in India, saying it offers “unmatched opportunities” for growth in sectors such as aviation, financial services, critical minerals, technology and food processing.
The prime minister landed in Australia on Wednesday on a three-day visit that is largely aimed at boosting defence, energy and trade ties.
Modi addressed the Australia-India CEOs Forum and the Economic Roadmap Business event ahead of his talks with Australian Prime Minister Anthony Albanese.
Leading Indian and Australian CEOs and business leaders, representatives of major Australian superannuation funds and institutional investors, and vice-chancellors of leading Australian universities participated in the two events.
Modi welcomed an announcement by Chief Executive of AustralianSuper Paul Schroder, that the company will invest AUD 500 million in India.
“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,” Modi said.
AustralianSuper is the country’s largest super fund and it manages over USD 410 billion of retirement savings on behalf of over 3.6 million people, according to the company.
In his remarks, Modi expressed satisfaction over the growth of trade and investment between the two countries following the sealing of the Economic Cooperation and Trade Agreement (ECTA) in 2022.
To further expand trade ties, Modi called for the early conclusion of the proposed CECA. Both sides are working towards a mutually beneficial CECA.
“Over the years, we have developed a strong framework for future partnerships, building on the capabilities of both countries. The ECTA agreement, signed in record time in 2022, further strengthened our economic partnership.”
Modi said that since the entry into force of ECTA, exports from India to Australia have doubled, and businesses in both countries have benefited from new market access.
“But we are not stopping there. We are now moving forward with the comprehensive CECA agreement. With these efforts, the governments of both countries have paved a new runway. Now, the plane of investment and innovation is ready to take off. And it is up to all of you to take it to new heights,” he added.
In the CEOs Forum, the prime minister highlighted that India’s strong economic growth, policy reforms, digital transformation, and expanding innovation ecosystem were creating new business opportunities for Australian partners.
Noting the complementarities between the Indian and Australian economies, Modi underlined that vast opportunities are available in India across manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technologies, artificial intelligence, fintech, food processing and digital economy sectors.
He stated that India’s scale and Australian expertise make for a win-win proposition.
Modi invited Australian investors to take advantage of the opportunities for long-term investments in India.
The prime minister welcomed the growing presence of Australian universities in India and highlighted that deeper collaboration in higher education, research, innovation and skill development would not only make talent in both countries future-ready, but also help them to tap into global opportunities.
Following the CEOs Forum, PM Modi addressed the Economic Roadmap business event, a larger gathering of over 200 CEOs and business leaders from both sides.
Speaking about natural synergies between India and Australia, he highlighted that shared democratic values, a common vision for the Indo-Pacific, vibrant people-to-people ties and strong political understanding created fertile ground for the business partnership between the two countries.
Expressing satisfaction at the growth of trade and investment ties based on the Economic Cooperation and Trade Agreement (ECTA) of 2022, he called for the early conclusion of the proposed CECA, so as to propel business ties to a new level, according to the Ministry of External Affairs.
The prime minister urged the business leaders to leverage complementary strengths on both sides and create global solutions, especially in the fields of rare earths, lithium, batteries, electronics, electric vehicles, semiconductors, AI and defence supply chains.
Modi also suggested that for bilateral business ties to grow to the next level, it was important that Indian states and Australian provinces forge dynamic economic partnerships based on their core competencies.
