Thank you, Tim, for that warm introduction – and for all you do as CEO of the Centre for Australia-India Relations.
I begin by acknowledging the traditional owners of the land we're meeting on and pay my respect to elders past, present and emerging.
I’d like to acknowledge;
His Excellency Gopal Baglay, High Commissioner of India;
Deakin University’s Deputy Vice-Chancellor of Research and Innovation, Professor Matthew Clarke;
Members of the Australia-India CEO Forum;
And all my colleagues from across the Parliament.
It is such a great pleasure to be here with you to launch the new Roadmap for Australia’s Economic Engagement with India.
There is no greater time to engage economically with India than now.
It’s the most populous country in the world.
It’s on track to be the third largest economy by the end of this decade.
And it is growing in ways that are complementary to our own economy.
What we are able to build on is the strong relationship our two nations already enjoy – economically, culturally, and through the ties of education and sport.
Crucially, what has grown out of this relationship is a powerful friendship, one that is based in no small part on the growing Australian-Indian community.
And what an extraordinary and dynamic community it is.
For generations, you have added so much to what Australia has become that you are an integral part of our shared ability to imagine a bigger future.
Just as you are an important part of who we are as a nation, and what we can yet become, you are a powerful strand in the bond between the land that is your home, and the land of your heritage.
The significance of India cannot be overstated.
Through its long history of achievement, the richness and breadth of its people, and the staggering vastness of its potential, India is a giant on the world stage.
A giant that continues to grow in stature.
I have had the profound honour of visiting India twice so far as Prime Minister, visits elevated by the hospitality of Prime Minister Modi, and the warmth of the Indian people.
And I have had the privilege of hosting Prime Minister Modi here.
My personal relationship with India began in 1991, when I spent over a month backpacking around the country.
I say if you want to understand India, catch a train – or a video bus!
As I have returned to India over the years I have seen firsthand its economic development.
There was no metro to Swaminarayan Akshardham in New Delhi back in 1991.
Both our nations have the chance to brighten each other’s future.
It is a future that calls on us to keep nurturing and improving the bond between our nations in the present, never pausing to rest on our laurels.
India is already Australia’s fifth largest two-way trading partner and fourth largest export market for goods and services.
It is a trading relationship enhanced by the Economic Cooperation and Trade Agreement, which has already saved Australians $300 million on goods imported from India.
Since the ECTA entered into force, almost 200 Australian products have been exported to India for the first time, or reintroduced after a long absence.
Agricultural exports have grown substantially, increasing by 146 per cent since we came to government.
And there has been similar growth in iron and steel exports since we came to government, which increased by 189 per cent between 2022 and 2024.
What the Roadmap does is give us detailed directions to the greater realisation of the potential of the Australia-India relationship.
Successfully tapping that potential will be good for Australian business and Australian consumers.
It will help secure our supply chains in an uncertain world.
And it will create jobs and growth.
The Roadmap is a guide to seizing the enormous trade and investment opportunities of India’s economic rise, one that is shaped and informed the knowledge and experience gathered from 400 consultations in every state and territory, as well as in India.
And it identifies four key sectors of significant potential: clean energy, education and skills, agribusiness and tourism.
Through the Roadmap, we are delivering for Australians – by finding paths towards the better future we know is possible and crucially, by funding them.
We begin implementing the Roadmap today by launching a new Australia-India Trade and Investment Accelerator Fund, to create an even better enabling environment for Australian firms – small, medium and large – to seize new commercial opportunities.
And we are expanding our flagship Maitri Grants program, which is committed to enhancing our people-to-people, business-to-business and cultural links.
Australia’s relationship with India is stronger, deeper and more consequential than it has ever been – but there is much more to come.
What is truly exciting is the sheer scale of the opportunities in the near future if we get things right in the present.
The fact that this is good for Australia - but also is good for India - is recognised.
It calls on us to focus and accelerate our efforts, and to draw on our country’s strengths.
We are building a better future for Australia, a future in which India can – and will – play a significant role.
With this Roadmap, the way ahead looks a lot clearer.