PM Modi urges Australian businesses to invest in India, seeks early closure of CECA

Prime Minister Narendra Modi on Thursday (July 9, 2026) pitched India as a long-term investment destination for Australian businesses and called for an early conclusion of the proposed bilateral Comprehensive Economic Cooperation Agreement (CECA).

Also read | Modi embarks on a three-nation trip, starting with Indonesia, to strengthen strategic ties

Mr Modi made the remarks at the Australia-India CEO Forum and the Economic Roadmap Business event in Melbourne, where he was speaking alongside his Australian counterpart Anthony Albanes.

According to India’s Ministry of External Affairs (MEA), the event was attended by top Indian and Australian CEOs and business leaders.

In a post on X after addressing the CEO Forum, Mr. Modi said, “Since 2023, this forum has gained remarkable momentum, reflecting the growing confidence in our economic partnership. I thank Prime Minister Anthony Albanese for joining the interaction and sharing his vision for taking our economic ties to even greater heights.” Mr Modi said he discussed opportunities across sectors such as aviation, transport and logistics, financial services, critical minerals, technology, food processing, food security and skills.

“India offers unparalleled opportunities for growth and innovation. I have encouraged businesses to invest and innovate in India,” he said.

Speaking at the forum, Mr Modi said India’s “strong economic growth, policy reforms, digital transformation and expanding innovation ecosystem are creating new business opportunities for Australia’s partners,” the MEA said in a statement.

He also noted the complementarity between the Indian and Australian economies, highlighting the “huge opportunities” available to India in various sectors, including manufacturing, clean energy, critical minerals, mining, infrastructure, artificial intelligence, fintech and the digital economy.

Mr Modi argued that India’s scale and Australia’s expertise were “win-wins” and urged Australian investors to seize opportunities for long-term investment in India.

“He welcomed the growing presence of Australian universities in India and emphasized that deeper collaboration in higher education, research, innovation and skills development will not only prepare talent in both countries for the future but also help them seize global opportunities,” the MEA said.

At the Economic Roadmap trade event, Mr Modi highlighted the “natural synergies” between India and Australia and encouraged businesses to work together in sectors including critical minerals, semiconductors, artificial intelligence, electric cars and defence, the MEA said in a statement on X.

More than 200 CEOs and business leaders from both parties attended the event.

Mr. Modi emphasized that “shared democratic values, common vision for the Indo-Pacific, vibrant people-to-people ties and strong political understanding have created a fertile ground for the business partnership between the two countries to grow and prosper together,” the statement said.

Mr. Modi urged business leaders to leverage complementary strengths on both sides to create global solutions, particularly in rare earths, lithium, batteries, electronics, EVs, semiconductors, artificial intelligence and defense supply chains.

He also expressed satisfaction over the growth of trade and investment ties under the 2022 Economic Cooperation and Trade Agreement (ECTA) and called for the early conclusion of the proposed CECA to take trade ties to a new level, the MEA said.

Mr Modi said it was important for Indian states and Australian provinces to develop “dynamic economic partnerships based on their core competencies” to take bilateral trade ties to the next level.

India and Australia are actively negotiating a CECA to build on the core ECTA.

Australia is India’s 14th largest trading partner with bilateral trade in goods and services worth US$24.1 billion in 2025-26.

Mr Modi arrived in Australia on Wednesday on the second leg of his three-nation tour. He was previously in Indonesia and will travel to New Zealand for the final part of his visit.

Published – 9 Jul 2026 08:41 IST