Australian Prime Minister Anthony Albanese on Thursday reaffirmed his government’s commitment to strengthening ties with India.
Welcoming Prime Minister Narendra Modi back to Australia, Albanese said in a post on X, “Together, we’re growing our economies and backing Australian and Indian businesses. The bond between our people has driven so many of our business success stories. And we’ll keep working with business leaders and universities to grow Australia’s economic ties with India, creating jobs here at home and making the most of the trade and investment opportunities ahead.”
Earlier in the day, PM Modi pitched India as a preferred long-term investment destination for Australian businesses, saying India’s scale and Australia’s expertise make for a “win-win proposition.” He underlined the success of the India-Australia Economic Cooperation and Trade Agreement (ECTA), saying the pact had significantly strengthened bilateral economic ties since its implementation in 2022. He noted that India’s exports to Australia had doubled under the agreement and businesses in both countries had benefited from expanded market access. PM Modi also called for the early conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA) to further deepen trade and investment ties.
Jointly addressing the Australia-India CEOs Forum with Prime Minister Albanese, PM Modi highlighted India’s strong economic growth, policy reforms, digital transformation and expanding innovation ecosystem, saying these developments are creating significant opportunities for Australian businesses.
He underscored the complementarities between the two economies and identified manufacturing, clean energy, critical minerals, mining, infrastructure, urban development, aviation, logistics, advanced technologies, artificial intelligence (AI), fintech, food processing and the digital economy as key sectors for collaboration.
“India’s scale and Australia’s expertise make for a win-win proposition,” the Prime Minister said, while inviting Australian investors to take advantage of long-term investment opportunities in India.
PM Modi also welcomed the growing presence of Australian universities in India, saying that deeper cooperation in higher education, research, innovation and skill development would help prepare talent in both countries for future global opportunities.
(With IANS inputs)
