India and Australia took another significant step towards strengthening their economic partnership as Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese jointly addressed the Australia-India CEOs Forum and the Economic Roadmap Business event in Melbourne on Thursday. The high-profile gatherings brought together leading business executives, investors, university leaders and policymakers from both countries to explore new opportunities for trade, investment and innovation.
The events reflected the growing strategic and economic relationship between India and Australia, with both leaders encouraging businesses to deepen collaboration across several emerging sectors. More than 200 CEOs, business leaders, representatives of Australian superannuation funds, institutional investors and vice-chancellors from major Australian universities attended the discussions.
India Highlights Expanding Investment Opportunities
Speaking at the Australia-India CEOs Forum, Prime Minister Modi emphasized that India’s rapidly expanding economy, ongoing policy reforms, digital transformation and thriving innovation ecosystem have created an attractive environment for global investors.
He said India is witnessing unprecedented growth in infrastructure, manufacturing and technology while maintaining macroeconomic stability. According to the Prime Minister, these factors have opened fresh avenues for international businesses looking for long-term partnerships.
Modi noted that the strengths of India and Australia complement each other, making bilateral cooperation beneficial for both nations. He highlighted that India’s large market, skilled workforce and expanding industrial base, combined with Australia’s expertise, advanced technology and natural resources, create ideal conditions for stronger business partnerships.
Focus on High-Growth Sectors
The Prime Minister outlined several sectors where Australian businesses can expand their presence in India. These include manufacturing, clean energy, mining, critical minerals, infrastructure development, aviation, logistics, food processing, urban development, fintech, digital economy, artificial intelligence and advanced technologies.
He encouraged Australian companies to become long-term partners in India’s development journey, stressing that the country’s economic reforms continue to improve the ease of doing business and encourage foreign investment.
The Prime Minister also highlighted India’s growing emphasis on innovation-driven growth and emerging technologies, describing them as major drivers of future economic expansion.
Education Partnership Gets Fresh Push
Beyond business and investment, Modi highlighted the importance of stronger educational cooperation between the two countries.
He welcomed the increasing presence of Australian universities in India and said collaboration in higher education, research, innovation and skill development would benefit students and professionals from both nations.
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According to him, stronger academic partnerships will help prepare a future-ready workforce capable of meeting the demands of rapidly evolving global industries while creating greater employment and innovation opportunities.
Larger Business Gathering Discusses Economic Roadmap
Following the CEOs Forum, Prime Minister Modi addressed the Economic Roadmap Business event, which attracted more than 200 CEOs and senior business executives from India and Australia.
During his address, he described the relationship between the two countries as being built on strong democratic values, mutual trust and shared strategic interests in the Indo-Pacific region.
He said growing people-to-people connections and close political cooperation have created a solid foundation for expanding business and investment ties.
The Prime Minister observed that the natural complementarities between the two economies provide enormous potential for deeper commercial engagement across traditional as well as emerging industries.
Call for Early Conclusion of CECA
Highlighting the success of the Economic Cooperation and Trade Agreement (ECTA), signed in 2022, Modi said bilateral trade and investment have witnessed encouraging growth since the agreement came into force.
He expressed hope that negotiations on the proposed Comprehensive Economic Cooperation Agreement (CECA) would be concluded at the earliest. According to him, a broader trade agreement would further strengthen commercial ties and unlock new opportunities for businesses from both countries.
The Prime Minister said an expanded trade framework would help increase investments, improve market access and encourage greater economic integration.
Cooperation in Critical Technologies
Modi urged business leaders to work together in sectors that are expected to shape the global economy in the coming decades.
He identified rare earth minerals, lithium, battery manufacturing, semiconductors, electronics, electric vehicles, artificial intelligence and defence supply chains as key areas where India and Australia can jointly develop global solutions.
These sectors are increasingly becoming central to energy transition, technological innovation and economic security worldwide.
The Prime Minister said closer collaboration would not only strengthen bilateral economic relations but also contribute to building resilient and diversified global supply chains.
Strengthening State-to-State Partnerships
Another important aspect highlighted during the event was the need to build stronger partnerships between Indian states and Australian provinces.
Modi suggested that regional governments should establish direct economic collaborations based on their respective strengths and industrial capabilities. Such partnerships, he said, would help accelerate investment, promote innovation and create new business opportunities at the local level.
He added that decentralized economic cooperation could become an important pillar of the broader India-Australia strategic relationship.
Confidence in Future Economic Relations
Concluding his address, Prime Minister Modi expressed satisfaction over the positive discussions and ideas that emerged during both business forums.
He said the enthusiasm shown by business leaders from both countries reflects growing confidence in the future of India-Australia economic cooperation.
With expanding trade, stronger investment flows, closer academic collaboration and increasing cooperation in advanced technologies, both governments expressed confidence that the India-Australia economic partnership is entering a new phase of sustained growth and long-term prosperity.
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