09 July,2026 09:37 AM IST | Melbourne | mid-day online correspondent
Prime Minister Narendra Modi (L) shakes hands with Australia’s Prime Minister Anthony Albanese. Pic/AFP
Prime Minister Narendra Modi on Thursday highlighted India as a long-term investment destination for Australian companies, stating that India's economic scale and Australia's expertise can create a "win-win proposition" for both countries.
Addressing the Australia-India CEOs Forum in Melbourne along with Australian Prime Minister Anthony Albanese, PM Modi said India's strong economic growth, reforms, digital transformation and expanding innovation ecosystem were opening new opportunities for global businesses.
The Prime Minister urged Australian companies to explore investment opportunities in India and strengthen economic cooperation between the two nations.
"India's scale and Australian expertise make for a win-win proposition," he said.
Speaking about the strengths of the two economies, PM Modi highlighted opportunities in manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics and advanced technologies.
He also mentioned areas such as artificial intelligence (AI), fintech, food processing and the digital economy as sectors where both countries can expand cooperation.
The Prime Minister said closer collaboration between Indian and Australian industries could help create solutions for emerging global challenges.
PM Modi also welcomed the increasing presence of Australian universities in India and said deeper cooperation in education and research would benefit both countries.
He said partnerships in higher education, innovation and skill development would help prepare young talent for future global opportunities.
The growing academic collaboration between the two countries is expected to further strengthen people-to-people ties and create new avenues for research-based partnerships.
Later, while addressing the Economic Roadmap Business event attended by more than 200 CEOs and business leaders from both countries, PM Modi described India and Australia as "natural partners".
He said shared democratic values, a common Indo-Pacific vision, strong people-to-people connections and political understanding provide a strong foundation for expanding business cooperation.
PM Modi expressed satisfaction over the growth in trade and investment following the Economic Cooperation and Trade Agreement (ECTA), which was signed in 2022.
The Prime Minister called for the early conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA), saying it would help take bilateral economic ties to the next level.
He encouraged businesses from both countries to use their complementary strengths in strategic sectors, including rare earths, lithium, batteries, electronics, electric vehicles, semiconductors, AI and defence supply chains.
PM Modi also said Indian states and Australian provinces should build stronger economic partnerships based on their respective strengths.
The events in Melbourne brought together leading CEOs, investors, business representatives, major Australian institutional investors and vice-chancellors of prominent Australian universities to discuss future opportunities for collaboration.
(With inputs from IANS)
