Melbourne(Australia)/New Delhi, 09 July (H.S.):

Prime Minister Narendra Modi on Thursday said India and Australia are emerging as natural and trusted partners at a time of global uncertainty, supply chain disruptions and energy challenges. Calling for deeper collaboration between the business communities of both countries, he urged greater cooperation in clean energy, nuclear power, critical minerals, artificial intelligence, semiconductors, infrastructure and education, asserting that India and Australia can jointly develop solutions to global challenges.

Addressing the Economic Roadmap Business Reception in Melbourne, Prime Minister Modi said the India-Australia Economic Cooperation and Trade Agreement (ECTA), signed in 2022, has significantly strengthened bilateral economic ties. He noted that India's exports to Australia have doubled since the agreement came into force, providing businesses in both countries with improved access to new markets. He also underscored the need to conclude the proposed Comprehensive Economic Cooperation Agreement (CECA) at the earliest to further deepen economic engagement.

The Prime Minister said India is moving steadily towards achieving 500 GW of renewable energy capacity by 2030 and its long-term target of net-zero emissions by 2070. He stated that Australia's technology, capital and abundant resources could accelerate India's clean energy transition through partnerships in green hydrogen, solar energy, wind power and hydropower projects.

Modi also highlighted India's recent decision to open the nuclear energy sector to private participation through the Peace Act. He said the country has set an ambitious target of generating 100 GW of nuclear power by 2047. Referring to Australia's vast uranium reserves, he said they present a historic opportunity for expanding bilateral cooperation in the nuclear energy sector.

Highlighting India's infrastructure growth, the Prime Minister said the country offers immense long-term investment opportunities across ports, airports, highways, railways and urban infrastructure. He noted that India is currently constructing nearly 34 kilometres of national highways and more than eight kilometres of new railway lines every day, reflecting the country's scale, speed and commitment to sustainable development.

Prime Minister Modi said the Government of India has committed more than USD 10 billion to support the country's Artificial Intelligence Mission, Quantum Mission and Semiconductor Programme. He invited Australian companies to collaborate in areas such as data centres, artificial intelligence, quantum technologies, semiconductor manufacturing and digital public infrastructure, saying such partnerships could generate innovative solutions with global relevance.

Inviting Australian pension funds to increase investments in India, the Prime Minister said the country offers a secure, stable and sustainable investment environment. He emphasised that pension funds represent the trust and savings of millions of families, and the Indian government remains committed to protecting investor confidence while ensuring long-term growth of capital.

Referring to education and skill development, Modi said the establishment of campuses by leading Australian universities in Gujarat International Finance Tec-City (GIFT City) reflects Australia's growing confidence in India's future. He stressed the need to transform student exchanges into long-term talent partnerships that would benefit both nations.

The Prime Minister also proposed direct economic partnerships between Indian states and Australian states based on their respective strengths. He suggested linking Western Australia's critical mineral resources with the manufacturing capabilities of Odisha and Gujarat, connecting Queensland and Tasmania's clean energy expertise with India's renewable energy corridors, and fostering partnerships between the financial and innovation ecosystems of New South Wales and Victoria with Maharashtra, Karnataka and Telangana.

Concluding his address,PM Modi said the India-Australia Comprehensive Strategic Partnership continues to grow stronger, anchored in shared democratic values and a common vision for a free, open and inclusive Indo-Pacific. He expressed confidence that the ongoing dialogue between the two countries would generate fresh ideas, stronger business partnerships and new investment opportunities, further elevating bilateral economic cooperation.

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Hindusthan Samachar / Jun Sarkar