Greetings to all of you!
Today, this hall is witnessing the coming together of the business strength and business ambition of India and Australia. Your presence here is a reflection of our shared confidence and shared aspirations.
Today, the world is going through a period of uncertainty, supply chain disruptions, and energy crises. In such times, it is both natural and essential for India and Australia to move forward as natural and trusted partners.
Over the past few years, we have built a strong framework for a future partnership by leveraging the capabilities of both our nations. The Economic Cooperation and Trade Agreement (ECTA), concluded in record time in 2022, has further strengthened our economic partnership. Since its implementation, India’s exports to Australia have doubled, and businesses in both countries have benefited from enhanced market access opportunities.
But we are not stopping here. We are now moving forward towards a comprehensive CECA agreement. Through these efforts, the governments of both countries have created a new runway.
Now, the aircraft of investment and innovation is ready to take off from this runway. It is up to all of you to take this partnership to new heights.
Friends,
Several companies associated with clean energy are present here today. In India, we are building a manufacturing ecosystem for hydro projects, green hydrogen, solar modules, and wind energy.
India has set a target of achieving 500 GW of renewable energy capacity by 2030 and Net Zero by 2070. Australia’s technology, capital, and resources can accelerate this transition.
A few months ago, India opened up the nuclear energy sector to private companies through the SHANTI Act. We have set a target of achieving 100 GW of nuclear energy capacity by 2047. Australia’s vast uranium reserves are directly linked to India’s nuclear energy journey. For both our nations, this presents a historic opportunity to expand cooperation in this important sector.
In India, there are immense opportunities for long-term Australian investors in ports, airports, roads, railways, and urban infrastructure. Today, national highways in India are being constructed at a pace of nearly 34 kilometres per day. More than 8 kilometres of railway tracks are being laid every day. This represents a unique convergence of scale, speed, and stability.
In the steel sector, we have already been strong partners. India is today the world’s second-largest crude steel producer. Together, we can work on low-carbon aluminium, green iron, and clean manufacturing.
Under the AI Mission, Quantum Mission, and Semiconductor Program, the Government of India has provided support of more than 10 billion dollars. We can work together in the areas of data centres, AI, quantum technologies, semiconductors, and digital public infrastructure to develop global solutions.
Australia’s pension funds today manage assets worth more than 4 trillion dollars. In India, pension savings are considered a sacred trust. We do not view them merely as capital; we see them as the trust of millions of families. India offers your funds an opportunity for safe, stable, and sustainable growth. Our endeavour will be to further strengthen your trust and help your capital grow as well.
There is natural synergy between our two countries in the fields of education and skills. Deakin University and the University of Wollongong have opened campuses in GIFT City, marking the beginning of a new chapter. This reflects their confidence in India. Our shared goal should be to transform student mobility into a talent partnership.
Friends,
To move forward in all these areas, we must focus on one more important dimension. Our partnership should not remain limited to just the two capitals or a few cities. We must make our states, small and large cities, universities, and industries-all of them-stakeholders in this partnership.
The critical minerals strength of Western Australia can be connected with the manufacturing capabilities of Odisha and Gujarat. The clean energy and agricultural expertise of Queensland and Tasmania can give new momentum to the renewable energy corridors and food processing ecosystems of Punjab, Tamil Nadu, and Andhra Pradesh.
The finance, education, medical technology, and innovation ecosystems of New South Wales and Victoria can work together with Maharashtra, Karnataka, and Telangana to create global solutions. The defence, space, and manufacturing capabilities of South Australia can create new opportunities in partnership with Uttar Pradesh and Kerala.
My suggestion is that, in the coming times, we identify some focused state-to-state and sector-to-sector partnerships and develop strategies to take them forward.
Friends,
Based on democratic values and our shared vision for the Indo-Pacific, a deep strategic convergence has developed between our two nations. We are committed to taking our business partnership to new heights. In this endeavour, your role is extremely important.
I am confident that today’s dialogue will give rise to new ideas, new partnerships, and new commitments.
Once again, I sincerely thank the Honourable Prime Minister for taking the time to be present at this programme.
My best wishes to all of you.
Thank you.
