PM Modi Meets Top Australian Business Leaders, Calls For More Collaboration With Indian Industry

PM Narendra Modi met with Aussie business leaders to discuss collaboration with the Indian industry on technology, skill development, and clean energy.

The Indian Prime Minister arrived in Sydney on Monday (23 May) to conclude his three-nation tour.

His three-day Australia visit, as a guest of the Aussie government, includes discussions with PM Anthony Albanese and a celebration of the vibrant Indian diaspora in the country.

PM Modi has held bilateral meetings with several high-profile business executives, including Gina Rinehart of Hancock Prospecting, Andrew Forrest of Fortescue Future Industries, and Paul Schroder of AustraliaSuper.

He invited Rinehart to collaborate on technology, investment, and skilling in the mining and minerals sector during their meeting. He emphasised the reforms and initiatives taking place in India.

While speaking with Schroder, PM Modi invited AustralianSuper to partner with India, highlighting that India is a top preferred economy for foreign investments.

AustralianSuper is a Melbourne-based superannuation fund. It invests in India, mainly in the National Indian Infrastructure Fund, according to Schroder.

Forrest updated PM Modi on Fortescue's plans and projects in India. Modi welcomed the company's plans to collaborate with Indian businesses in the area of green hydrogen.

The Prime Minister highlighted India's transformative renewable energy plans and initiatives, including the Green Hydrogen Mission.

Forrest said he and PM Modi recognise that the fossil fuel industry's days are numbered and that the fossil fuel must be replaced by a harmless alternative that can perform the same tasks as oil and gas.

India's economy currently stands at about $3.5 trillion and aims to reach $32 trillion in 25 years.

Australia has invested $1.07 billion in India between April 2000 and December 2022, according to government data.

India and Australia executed a provisional free trade agreement on 29 December last year. They are working on extending it to a Comprehensive Economic Cooperation Agreement (CECA).

In 2022-23, Australia ranked 13th among India's largest trading partners.

India buys most of Australia's gold and chickpeas. It is Australia's second-largest market for coal and copper ores and the third-largest for lead and wool.