At roundtable, PM Modi invites CEOs to tap into investment opportunities in India

May 24, 2023 08:31 PM IST

PM Modi highlighted his government’s economic reforms and initiatives for ease of doing business and boosting economic growth while addressing a business roundtable with CEOs of top Australian companies

NEW DELHI: Prime Minister Narendra Modi on Wednesday invited Australia’s leading business to tap investment opportunities in India in key areas such as infrastructure, fintech, telecommunications, semiconductors, and renewable energy.

Prime Minister Narendra Modi attends the roundtable with Business Leaders in Sydney on Wednesday (PTI/PIB)
Prime Minister Narendra Modi attends the roundtable with Business Leaders in Sydney on Wednesday (PTI/PIB)

Modi highlighted his government’s economic reforms and initiatives for ease of doing business and boosting economic growth while addressing a business roundtable with CEOs of top Australian companies in Sydney on the final day of his three-day visit to the country.

The CEOs represented companies operating in diverse sectors such as steel, banking, energy, mining and IT. vice-chancellors of some leading Australian universities also joined the roundtable.

Among the areas listed by the prime minister for potential investment opportunities were digital infrastructure, IT, fintech, telecommunications, semiconductors, space, renewable energy including green hydrogen, education, pharmaceuticals, healthcare including medical devices, mining including critical minerals, textiles, agriculture and food processing.

He referred to the changes to the business environment through initiatives such as Mission Gati Shakti for an integrated approach to infrastructure connectivity projects, Jan Dhan-Aadhaar-Mobile trinity, National Education Policy, Hydrogen Mission 2050, the production-linked incentive (PLI) scheme, opening the space and geospatial sectors to private investment, and the new policy for manufacturing medical devices.

Modi further encouraged the CEOs to forge mutually beneficial partnerships with Indian counterparts. He participated in the roundtable after bilateral talks with his Australian counterpart Anthony Albanese, during which the two leaders committed themselves to the speedy conclusion of negotiations on a comprehensive economic cooperation agreement.

The CEOs of Rio Tinto, National Australia Bank, Wisetech and Australian Industry Bank were among those who participated in the roundtable.

Modi also held a meeting with Australia’s Governor-General David Hurley at Admiralty House in Sydney and discussed ways to strengthen the bilateral partnership. Modi noted the contribution of the Indian diaspora in Australia, and its role in fostering closer bilateral links.

At a separate meeting with Australia’s Leader of Opposition Peter Dutton, Modi appreciated the strong bipartisan support enjoyed by the India-Australia comprehensive strategic partnership. Their discussions also covered people-to-people links and regional developments.

External affairs minister S Jaishankar, who was part of the prime minister’s delegation, held a separate meeting with his Australian counterpart Penny Wong. “India and Australia are increasingly demonstrating their ability to go beyond the bilateral and collaborate at the regional and global level,” he tweeted after the meeting.

Wong said in a tweet that both countries share an interest in a peaceful, stable and prosperous region. “It’s a reminder of why our partnership is so important. It was great to speak with my good friend @DrSJaishankar about how we can expand our cooperation to achieve the region we want,” she said.

“The relationship with India is going from strength to strength. Australia regards India as one of our most important relationships...There is a lot of strategic alignment, shared strategic interest but as we discussed this today, a lot of economic interest as well,” Wong told the media.

Wong also met National Security Adviser Ajit Doval and tweeted subsequently: “As partners for stability, Australia & India are working together to contribute to a strategic balance of power that keeps the peace in our region. Thank you to National Security Advisor Ajit Doval for a discussion on how we shape a secure region, where sovereignty is respected.”

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