In Sydney, Prime Modi talks with important Australian business figures and invites foreign investment in India.

After ending his visit to Papua New Guinea, Prime Minister Narendra Modi began the third and last leg of his three-nation tour by arriving in Sydney.
In Sydney, Prime Modi talks with important Australian business figures and invites foreign investment in India.

On May 23, 2023, Prime Minister Narendra Modi met with executives from major Australian corporations and urged greater collaboration with the Indian corporate community in fields like technology, skill development, and clean energy.

As the third and last stop of his three-nation tour, Mr. Modi arrived in Sydney on Monday. During this leg, he will meet with Anthony Albanese, the Australian counterpart, and attend a celebration of the vibrant, diversified Indian diaspora in Australia.

He is a guest of the Australian government and is in Australia.

Mr. Modi, who is on a three-day trip to Australia, met separately with the CEO of AustraliaSuper, Paul Schroder, Gina Rinehart of Hancock Prospecting, and Andrew Forrest of Fortescue Future Industries.

According to a statement from the Ministry of External Affairs in New Delhi, during his meeting with Rinehart, the Prime Minister emphasised the reforms and initiatives being undertaken in India and invited her to partner in technology, investment, and skill development in the mining and minerals sector.

India is one of the top major economies in the world for foreign investment, according to Mr. Schroder, who asked AustralianSuper to collaborate with India during their meeting.

Melbourne serves as the home base for the Australian superannuation fund known as AustralianSuper.

Similar to this, he commended the Group's ambitions to collaborate with Indian businesses in the field of green hydrogen during his meeting with Mr 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.

The Prime Minister was briefed by Mr. Forrest on the goals and initiatives of Fortescue Future Industries in India.

Mr. Schroder stated following the discussion that Australian super does invest in India, specifically in the National Indian Infrastructure Fund.

"Investing in India has been a very positive experience for us," he remarked.

The fossil fuel industry, according to Mr Forrest and the Prime Minister, has a finite lifespan and needs to be replaced with a fuel that doesn't damage anyone while still being able to perform all of oil and gas's functions.

According to Ms. Rinehart, there are a tonne of economic potential between Australia and India.

The Indian economy has grown at a strong rate, reaching roughly 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. The two countries are currently working to transform the agreement's parameters 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 said that he wants India and Australia to move forward to realise the "full potential" of closer defence and security ties. "India feels that these issues can be solved only by combined efforts," he said.