SYDNEY: India Prime Minister Narendra Modi today, May 23, met business leaders of top Australian companies in Syn dry and called for enhancing cooperation with the Indian industry in areas such as technology, skilling, and clean energy.
Modi reached Sydney on Monday for the 3rd and final leg of his 3-nation tour during which he will hold discussions with his Australian Prime Minster Anthony Albanese and attend a community event to celebrate the country’s dynamic, diverse Indian Diaspora. He is visiting Australia as a guest of the Australian Government.
Modi, who is spending three days in Australia, met separately with the CEO of AustraliaSuper, Paul Schroder, Gina Rinehart of Hancock Prospecting, and Andrew Forrest of Fortescue Future Industry.
According to a statement from the Ministry of External Affairs in New Delhi, during his discussion with Rinehart, the Prime Minister emphasised the reforms and initiatives being made in India and encouraged her to participate in technology, investment, and skill development in the mining and minerals sector.
He asked AustralianSuper to collaborate with India during a meeting with Schroder and referred to it as one of the world's most popular big economies for foreign investment.
Melbourne serves as the home base for the Australian superannuation fund known as AustralianSuper.
Mission for Green Hydrogen: Similarly, he applauded the Group's efforts to collaborate with Indian businesses in the field of green hydrogen during his discussion with Forrest.
The Prime Minister emphasised India's ambitious ambitions for renewable energy and the revolutionary changes and actions the country was doing, like the Green Hydrogen Mission, it was noted.
Forrest gave the Prime Minister an update on the plans and initiatives for Fortescue Future Industries in India. Schroder stated that Australian super does invest in India, specifically in the National Indian Infrastructure Fund, following the discussion.
"We have had a very good experience investing in India," he remarked. Forrest claimed that he and the prime minister agreed that the market for fossil fuels has a finite lifespan and needs to be replaced with a fuel that is safe to consume and has the same capabilities as oil and gas.
The Indian economy has grown at a strong rate, reaching abaout USD 3.5 trillion. In the next 25 years, it is expected to reach USD 32 trillion.
Future growth is likely to be enormous...Australia needs to put more effort into improving its ties with India, she added, noting that it has made many measures to draw in international investment by reducing permissions and restrictions.
Government data shows that between April 2000 and December 2022, Australia invested USD 1.07 billion in India.
An interim free trade agreement was previously put into effect by both nations on December 29 of last year. This agreement is currently being expanded by the two countries into a Comprehensive Economic Cooperation Agreement (CECA).
In 2022–2023, Australia will rank as India's 13th-largest trading partner. While exports were valued at USD 6.95 billion, imports from the nation were USD 19 billion during the previous fiscal year.
India is Australia's top export market for goods like gold and chickpeas, as well as its second and third-largest markets for coal and copper ores and wool and lead, respectively.
Coal, petroleum, and copper ores and concentrates are among Australia's main exports. He added that he wants India and Australia to move forward to reach the "true potential" of deeper military and security ties. "India believes that these challenges can be addressed only through shared efforts," he said.