PM Modi welcomes AustralianSuper’s AU$500 million India investment, says it reflects global confidence in reforms
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Prime Minister Narendra Modi on Thursday welcomed AustralianSuper's announcement to invest AU$500 million in India, saying the commitment reflects growing global confidence in the country's economic growth and reform trajectory while highlighting the long-term opportunities available for international investors.
The investment was announced by AustralianSuper Chief Executive Officer (CEO) Paul Schroder during the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne, which was attended by Modi as part of his three-day visit to Australia.
In a post on X, Modi said, "India welcomes the AU$500 million investment from AustralianSuper, announced by their Chief Executive, Mr. Paul Schroder this morning in Melbourne. This is yet another glimpse of the global confidence in India's growth and reform trajectory. It also reflects the immense opportunities that our dynamic economy offers global investors."
AustralianSuper, Australia's largest pension fund with more than AU$410 billion in assets under management, said the investment reflects its long-term confidence in India's economic prospects.
Schroder praised Modi's engagement with businesses and his long-term vision for India's economic development. "I have had the chance to meet with PM Modi before and he has always assured me that he understands business and investing. He thinks in the very long term about the prosperity of India and making sure that investors have a stable policy setting," Schroder said.
He added that discussions at the CEO Forum underscored the strength of India-Australia ties and the importance of deepening cooperation between businesses in both countries.
Addressing the CEO Forum, Modi invited Australian investors to expand their long-term investments in India. He also welcomed the growing presence of Australian universities in India and said greater collaboration in higher education, research, innovation, and skill development would help prepare talent in both countries for future opportunities.
Later, addressing the Economic Roadmap Business Reception attended by more than 200 CEOs and business leaders from both countries, Modi highlighted the natural complementarities between India and Australia. He said shared democratic values, a common vision for the Indo-Pacific, strong political ties and vibrant people-to-people relations provided a strong foundation for expanding economic cooperation.
The Prime Minister noted the growth in bilateral trade and investment since the implementation of the Economic Cooperation and Trade Agreement (ECTA) in 2022 and called for the early conclusion of the proposed Comprehensive Economic Cooperation Agreement (CECA) to further strengthen commercial ties.
He urged businesses to leverage the complementary strengths of both countries to build global value chains in strategic sectors such as rare earths, lithium, batteries, electronics, electric vehicles, semiconductors, artificial intelligence, and defence.
Modi also stressed the need for Indian states and Australian provinces to forge stronger economic partnerships based on their respective competitive advantages. Expressing optimism over the discussions at both business forums, he said India-Australia economic ties were poised for further growth.