India is a long-term bet: PM Modi to Australian CEOs

New Delhi: Prime Minister Narendra Modi on Thursday pitched India as a long-term investment destination for Australian businesses and called for the early conclusion of the proposed bilateral Comprehensive Economic Cooperation Agreement (CECA).

Modi made the remarks at the Australia-India CEOs Forum and the Economic Roadmap Business event in Melbourne, which he jointly addressed with his Australian counterpart, Anthony Albanese. The events were attended by leading Indian and Australian CEOs and business leaders. Representatives of major Australian superannuation funds and institutional investors, as well as vice-chancellors of leading Australian universities, also participated.

Addressing the CEOs Forum, Modi highlighted that India's strong growth, policy reforms, digital transformation and expanding innovation ecosystem were creating new opportunities for Australian partners.


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Noting the complementarities between the Indian and Australian economies, Modi underlined the vast opportunities available in India across manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technologies, artificial intelligence, fintech, food processing and the digital economy. He said India's scale and Australian expertise make for a win-win proposition.

He welcomed the growing presence of Australian universities in India and said deeper collaboration in higher education, research, innovation and skill development would not only make talent in both countries future-ready but also help them tap into global opportunities.

Following the CEOs Forum, Modi also addressed the Economic Roadmap business event, a larger gathering of over 200 CEOs and business leaders from both countries.

Referring to the natural synergies between India and Australia, he said 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 to grow and prosper.

Expressing satisfaction at the growth of trade and investment ties under the Economic Cooperation and Trade Agreement (ECTA) signed in 2022, Modi called for the early conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA) to take bilateral business ties to a new level.

He urged business leaders to leverage complementary strengths on both sides and create global solutions, especially in the fields of rare earths, lithium, batteries, electronics, EVs, semiconductors, AI and defence supply chains.

Modi also suggested that for bilateral business ties to grow to the next level, it was important for Indian states and Australian provinces to forge dynamic economic partnerships based on their core competencies.

Albanese Joins Modi at Melbourne Diaspora Event

Later, Modi addressed a large gathering of the Indian community at Melbourne's Marvel Stadium. In a special gesture, Australian Prime Minister Anthony Albanese also attended the diaspora event.

Albanese lauded the contribution of the Indian diaspora to India-Australia ties, describing it as a living bridge between the two countries.