During the course of the engagement, the Prime Minister of India, Narendra Modi, emphasised the need of developing collaboration in the mining and minerals sector, displaying the investment potential of India, and promoting green partnerships.
Entrepreneurs from Australia were optimistic about the growth story unfolding in India under the leadership of Prime Minister Narendra Modi, and they showed interest in putting more money in the country. While in Sydney, India’s Prime Minister Narendra Modi met with business and investment industry leaders from Australia, during which time he promoted India as one of the best places in the world to make an investment.
The Prime Minister of India extended an invitation to businesspeople in Australia to become partners in India’s economic expansion. During the course of the engagement, the Prime Minister of India, Narendra Modi, emphasised the need of developing collaboration in the mining and minerals sector, displaying the investment potential of India, and promoting green partnerships.
After meeting with Prime Minister Modi, Australian businesspeople left the event feeling more positive about the prospects of conducting trade in India.
It is imperative that Australia make a concerted effort to further enhance its connections with India. Look at the amount of investment that has come into India under the leadership of Prime Minister Modi,” remarked Georgina Hope Rinehart AO, Executive Chairman of Hancock Prospecting Group, Roy Hill, and S Kidman & Co.
During the course of his discussion with Rinehart, the Prime Minister of India provided an overview of the ongoing reforms and initiatives in India and extended an invitation to Rinehart to collaborate with India in the areas of technology, investment, and skilling within the mining and minerals industry. According to Rinehart, there is a significant amount of untapped commercial potential between India and Australia.
Paul Schroder, the Chief Executive Officer of AustralianSuper, had just finished a chat with Prime Minister Narendra Modi when he made the following statement: “Prime Minister Narendra Modi is impressive, and he understands business.” Investing in India has proven to be a profitable venture for us.
During his discussion with Schroder, Prime Minister Modi stated that India is one of the key economies around the world that is most sought after by international investments. He also extended an invitation to AustralianSuper to collaborate with India. The city of Melbourne is home to the headquarters of the Australian superannuation fund known as AustralianSuper.
Another successful businessperson, Dr. Andrew Forrest, Executive Chairman and Founder of Fortescue Metals Group and Fortescue Future Industries, referred to Prime Minister Modi as a “global champion on green energy” in a recent interview.
Forrest expressed excitement about the Group’s intentions to collaborate with Indian businesses in the area of green hydrogen. It was mentioned that the Prime Minister of India underlined the transformative changes and efforts that are being done by India, such as the Green Hydrogen Mission. He did this while highlighting India’s ambitious aspirations for renewable energy.
Forrest provided the Prime Minister with an update on the various programmes and projects being undertaken by Fortescue Future Industries in India. According to Forrest, both he and the prime minister are aware that the fossil fuel industry has a finite amount of time left to operate and that it must be replaced with a fuel that does not hurt the environment but is capable of performing all of the same functions as oil and gas.
On December 29 of the previous year, India and Australia put into effect a free trade agreement that is provisional in nature. At the moment, the two countries are working on transforming that deal into a Comprehensive Economic Cooperation deal (CECA). This will make the pact’s provisions more extensive.
In the years 2022-23, India ranks Australia as its thirteenth largest trading partner. While total imports from that country in the prior fiscal year came to $19 billion, exports from that country were only $6.95 billion. In terms of export markets, Australia’s third-biggest market for lead and wool, second-largest market for coal and copper ores, and largest market for gold and chickpeas is India.