PM Modi invites Australian Businesses to Invest in India, Pushes for Early CECA to Deepen Trade Ties

Prime Minister Narendra Modi urged Australian businesses to invest in India's fast-growing economy and called for the early conclusion of the India-Australia Comprehensive Economic Cooperation Agreement (CECA), saying it would strengthen bilateral trade and investment. He highlighted opportunities across sectors such as critical minerals, AI, clean energy, semiconductors and manufacturing during his Australia visit.

By Mahima Katal

New Delhi: Prime Minister Narendra Modi on Thursday called for the early conclusion of the proposed India-Australia Comprehensive Economic Cooperation Agreement (CECA), saying the pact would elevate bilateral economic ties and unlock new opportunities for businesses in both countries.

Addressing the Australia-India CEOs Forum and the Economic Roadmap Business event in Melbourne, Modi highlighted India's rapid economic growth, policy reforms, digital transformation and expanding innovation ecosystem, describing the country as an attractive destination for long-term investment.

Inviting Australian businesses to expand their presence in India, the Prime Minister said the country offers "unmatched opportunities" across key sectors, including aviation, financial services, critical minerals, manufacturing, infrastructure, clean energy, technology, logistics, food processing and the digital economy.

Modi welcomed AustralianSuper's announcement to invest AUD 500 million in India, calling it a strong endorsement of global confidence in India's economic growth and reform agenda. AustralianSuper, Australia's largest superannuation fund, manages more than USD 410 billion in retirement savings for over 3.6 million members.

Referring to the Economic Cooperation and Trade Agreement (ECTA) signed in 2022, Modi said trade and investment ties between the two countries had grown significantly and stressed that finalising the CECA would take the partnership to the next level.

Highlighting the complementary strengths of the two economies, he said India's scale combined with Australia's expertise presents a mutually beneficial opportunity. He encouraged Australian investors to participate in India's long-term growth story.

The Prime Minister also welcomed the growing presence of Australian universities in India

and said greater collaboration in higher education, research, innovation and skill development would prepare talent in both countries for emerging global opportunities.

Speaking at the Economic Roadmap Business event, attended by more than 200 CEOs and business leaders, Modi said the India-Australia partnership is anchored in shared democratic values, a common vision for the Indo-Pacific, strong political trust and deep people-to-people ties.

He urged businesses from both countries to build global supply chains and collaborate in strategic sectors such as rare earths, lithium, batteries, semiconductors, artificial intelligence, electronics, electric vehicles and defence manufacturing.

Modi also proposed stronger economic engagement between Indian states and Australian provinces, saying partnerships based on regional strengths could further accelerate bilateral trade and investment.

The Prime Minister is on a three-day visit to Australia aimed at strengthening cooperation in trade, defence, energy and strategic sectors.