Prime Minister Narendra Modi met with top Australian business leaders in Sydney and urged them to consider investing in India. The discussions focused on areas such as technology, skill development, and clean energy. Among the business leaders, Modi engaged with were Gina Rinehart, Executive Chairman of Hancock Prospecting, Andrew Forrest, Executive Chairman of Fortescue Future Industry, and Paul Schroder, CEO of AustraliaSuper.
During the meeting with Rinehart, Modi emphasized India’s ongoing reforms and initiatives and invited her to explore collaboration in technology, investment, and skill development, specifically in the mining and minerals sector. Similarly, during the meeting with Schroder, Modi highlighted India as a preferred destination for foreign investments and invited AustraliaSuper to partner with India. The discussions with Forrest revolved around the prospects of cooperation between Indian and Australian companies in the field of Green Hydrogen.
Modi, who was on a three-nation tour, arrived in Sydney for the final leg of his visit. Besides the business meetings, he also had bilateral talks with Australian Prime Minister Anthony Albanese and attended a community event celebrating the vibrant Indian diaspora in Australia.
The prime minister’s interactions with the Australian business leaders aimed to foster closer economic ties between the two countries. Modi emphasized India’s ambitious renewable energy plans and the need for transformative reforms. He also acknowledged the limited lifespan of the fossil fuel sector and the importance of finding sustainable alternatives.
The business leaders expressed their optimism about the potential business opportunities between India and Australia. Rinehart highlighted India’s impressive economic growth and its plans to further expand the economy. She stressed the need for Australia to strengthen its relations with India and commended India’s efforts to attract foreign investments through regulatory reforms.
India has received $1.07 billion in investments from Australia between April 2000 and December 2022, according to government data. Both countries have already implemented an interim free trade agreement and are working toward a Comprehensive Economic Cooperation Agreement (CECA). Australia is an important trading partner for India, with significant exports and imports in various sectors such as gold, chickpeas, coal, copper ores, and petroleum.
The discussions between PM Modi and Australian business leaders aimed to enhance bilateral trade, promote investments, and strengthen economic cooperation between India and Australia.