Prime Minister Anthony Albanese says the relationship between Australia and India is being strengthened by the people who have built connections between the two countries, as he and Indian Prime Minister Narendra Modi met in Melbourne for the third Australia-India Annual Leaders’ Summit.
“The bond between our people has driven so many of our business success stories,” Albanese said as the leaders began a day of meetings focused on trade, investment, education, technology, defence and regional security.
Modi received a ceremonial guard of honour outside Government House in Melbourne before holding talks with Albanese and meeting the Governor of Victoria, Margaret Gardner AC, as part of his official visit.
The summit follows Australia’s decision to deepen investment links with India, with AustralianSuper announcing an additional $500 million investment in India’s National Investment and Infrastructure Fund. The commitment increases the fund’s total investment in India to $3.3 billion.
Albanese said Australia would continue building on the economic relationship.
“Together, we’re growing our economies and backing Australian and Indian businesses.
“The bond between our people has driven so many of our business success stories.
“And we’ll keep working with business leaders and universities to grow Australia’s economic ties with India.
“Creating jobs here at home and making the most of the trade and investment opportunities ahead.”
Business leaders attending the Australia-India CEO Forum described the relationship as entering a new phase.
Bran Black, Chief Executive of the Business Council of Australia, said Modi had shown an early interest in strengthening ties with Australia after becoming Prime Minister.
“When PM Modi first became PM, he was briefed on the countries that India engages with and the opportunities for India to engage further. At the end of the meeting, I’m told he said, ‘Where’s Australia? What about Australia?’ I think that’s a lovely reflection of the priority that Prime Minister Modi places on this relationship.”
Black said India’s expanding middle class presented long-term opportunities for Australian businesses.
“What I’m particularly delighted to see is the projection that the size of the Indian middle class will increase to 600 million people by 2035. What that signals to me, and what it signals to the world, is that these reform efforts are having tangible impacts on people’s lives every day.”
Paul Henry, Senior Principal, Global Director and Co-Founder of Populous, said Modi’s attendance at the business programme alongside Albanese reflected the importance both governments place on the relationship.
“What a successful time it has been today and it shows tremendous commitment by PM Modi to attend the function with PM Albanese. I think that’s a great sign for Australia-India ties.”
Henry said India’s ambitions to host future major sporting events created further opportunities for collaboration.
“PM Modi’s support for Ahmedabad for a possible Olympics in 2036 and also the Commonwealth Games in 2030 is very exciting, showing that the kind of the future thinking in India at the moment and we can see great growth coming up ahead…”
Former Prime Minister Scott Morrison, whose government elevated the relationship to a Comprehensive Strategic Partnership, also met Modi during the visit.
“It was very generous of him to invite me to Melbourne to meet him today. It is always good to see him. He is always full of ideas, energy and it was wonderful to be part of that again with him.”
Thursday’s programme will conclude with the sold-out Melbourne Meets Modi community event at Marvel Stadium, where Modi and Albanese are expected to address one of the largest gatherings of the Indian Australian community ever held in Victoria.
The summit is expected to deliver further announcements on trade, investment, critical minerals, education, emerging technologies and defence cooperation as Australia and India continue to deepen one of the Indo-Pacific’s fastest-growing strategic partnerships.
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