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Melbourne, July 9
Prime Minister Narendra Modi has called for the early conclusion of the proposed India-Australia Comprehensive Economic Cooperation Agreement (CECA), saying the deal would take economic relations between the two countries to a “new level”.Speaking at the Australia-India CEOs Forum and the Economic Roadmap Business event in Australia on Thursday, Modi said stronger trade ties would unlock fresh opportunities for businesses and investors on both sides.
He also encouraged Australian companies to expand their presence in India, describing the country as one of the world’s fastest-growing economies with significant investment potential in aviation, financial services, critical minerals, clean energy, technology and food processing. Modi is on a three-day visit to Australia focused on strengthening cooperation in defence, energy and trade. He is due to hold talks with Australian Prime Minister Anthony Albanese later during the visit.
Business leaders, institutional investors and representatives from leading universities attended the events, where discussions centred on boosting bilateral investment and economic cooperation.
The Prime Minister welcomed AustralianSuper’s decision to invest 500 million Australian dollars in India, calling it a sign of growing global confidence in the country’s economic reforms and long-term growth prospects. AustralianSuper, Australia’s largest pension fund, manages more than 410 billion US dollars in retirement savings for over 3.6 million members.
Modi said trade and investment had grown steadily since India and Australia signed the Economic Cooperation and Trade Agreement (ECTA) in 2022, but stressed that concluding the broader CECA should now be a priority.
The Prime Minister highlighted opportunities for collaboration across manufacturing, infrastructure, logistics, mining, urban development. The Prime Minister also welcomed the increasing presence of Australian universities in India, saying closer cooperation in higher education, research, innovation and skills development would prepare young people in both countries for future global opportunities.
Addressing a wider gathering of more than 200 business leaders, Modi said the relationship between India and Australia was underpinned by shared democratic values, a common vision for the Indo-Pacific and strong people-to-people links.He urged businesses to work together in strategic sectors including rare earths, lithium, batteries, semiconductors, electric vehicles, artificial intelligence and defence supply chains.Modi also said stronger partnerships between Indian states and Australian provinces could further deepen economic cooperation by building on each region’s strengths.
