PM Modi invites Australian businesses to invest in India, seeks early conclusion of CECA

Melbourne, Jul 9 (PTI) 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, according to India's Ministry of External Affairs (MEA). In a post on X after addressing the CEOs Forum, Modi said, "Since 2023, this forum has gained remarkable momentum, reflecting the growing confidence in our economic partnership. I thank PM Anthony Albanese for joining the interaction and sharing his vision for taking our economic ties to even greater heights." Modi said he discussed opportunities across sectors such as aviation, transport and logistics, financial services, critical minerals, technology, food processing, food security and skilling. "India offers unmatched opportunities for growth and innovation. I invited businesses to invest and innovate in India," he said. Addressing the Forum, Modi said that India's "strong economic growth, policy reforms, digital transformation, and expanding innovation ecosystem were creating new business opportunities for Australian partners," the MEA said in a statement. He also noted the complementarities between the Indian and Australian economies and highlighted the "vast opportunities" available in India across various sectors, including manufacturing, clean energy, critical minerals, mining, infrastructure, artificial intelligence, fintech, and digital economy. Modi asserted that India’s scale and Australian expertise make for a "win-win proposition" and invited Australian investors to take advantage of opportunities for long-term investments in India. "He 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," the MEA said. At the Economic Roadmap business event, Modi highlighted the "natural synergies" between India and Australia and encouraged businesses to work together in sectors, including critical minerals, semiconductors, artificial intelligence, EVs and defence, the MEA said in a post on X. The event was attended by more than 200 CEOs and business leaders from both sides. Modi 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 to grow and prosper together", the statement said. Modi 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. He also expressed satisfaction with the growth of trade and investment ties based on the Economic Cooperation and Trade Agreement (ECTA) of 2022 and called for an early conclusion of the proposed CECA to propel business ties to a new level, the MEA said. Modi said 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". India and Australia are actively negotiating a CECA to build upon the foundational ECTA. Australia is India's 14th-largest trading partner, with bilateral trade in goods and services valued at USD 24.1 billion in 2025-26. Modi arrived in Australia on Wednesday on the second leg of his three-nation tour. He was in Indonesia before this and will travel to New Zealand on the final leg of his visit. PTI GRS GRS GRS