Modi Seeks Historic Australia-India Partnership

 

Prime Minister Narendra Modi said on Thursday India's relationship with Australia presented "historic opportunities" for both countries to cooperate in nuclear and renewable energy, critical minerals and green hydrogen.

Modi said Australia's technology, capital and resources could help accelerate India's energy transition and signalled possible cooperation in low-carbon aluminium projects.

He was speaking at the Australia-India economic roadmap business event after arriving in Melbourne on Wednesday night.

 

The visit comes as both countries seek to deepen economic ties, with India eyeing Australia's uranium reserves to help meet a target of 100 gigawatts of nuclear energy capacity by 2047 and Australia looking to diversify trade beyond its reliance on China, its top partner.

"We have historic opportunities to cooperate in this field," Modi said, as he urged Australia's business community to invest long-term in India's road, port, rail and urban infrastructure projects.

"India provides a safe, stable and sustainable growth option for your funds," he said.

 

Australia's largest pension fund, AustralianSuper, said on Thursday it would invest a further A$500 million ($347 million) in India's National Investment and Infrastructure Fund.

The Australian Financial Review newspaper reported on Wednesday that an agreement on uranium exports to India could be finalised. Though both nations agreed to a nuclear cooperation pact in 2014, uranium exports have been limited over concerns about ensuring nuclear fuel is used solely for peaceful purposes, such as energy generation.