Indian Prime Minister calls for 'historic' Australia-India cooperation in nuclear energy, critical minerals

MELBOURNE — Indian Prime Minister Narendra Modi said Thursday that India and Australia have "historic opportunities" to strengthen cooperation in nuclear energy, renewable energy, critical minerals, and green hydrogen as both countries work to deepen their economic partnership.

Speaking at the Australia-India Economic Roadmap business event in Melbourne, Modi said Australia's technology, capital, and natural resources could help accelerate India's energy transition. He also pointed to potential collaboration on low-carbon aluminum projects.

The visit comes as India seeks to secure uranium supplies to help achieve its target of 100 gigawatts of nuclear energy capacity by 2047, while Australia aims to expand trade opportunities beyond its largest trading partner, China.

"We have historic opportunities to cooperate in this field," Modi said as he encouraged Australian businesses to make long-term investments in India's roads, ports, railways, and urban infrastructure.

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

Australia's largest pension fund, AustralianSuper, announced Thursday that it will invest an additional A$500 million (US$347 million) in India's National Investment and Infrastructure Fund.

Australian media also reported that the two countries could finalize an agreement on uranium exports to India. Although Australia and India signed a civil nuclear cooperation agreement in 2014, uranium exports have remained limited because of safeguards ensuring the fuel is used only for peaceful purposes, including electricity generation.

Australian Prime Minister Anthony Albanese, who joined Modi at the business event, described the Indian leader as a "living bridge" between Australia and India, saying his leadership had helped reshape Australia's economic engagement with India.

The two leaders are scheduled to hold formal bilateral talks later Thursday.

India is Australia's fifth-largest trading partner, following China, Japan, the United States, and South Korea. About one million people in Australia are of Indian ancestry, reflecting the close people-to-people ties between the two nations.

Modi, who last visited Australia in 2023, is also expected to address thousands of members of the Indian community at a major gathering in Melbourne on Thursday evening. Australian media reported that security around the venue had been increased following reports of planned protests.

The Indian prime minister frequently holds large public events during overseas visits and has addressed packed stadiums in countries with large Indian diaspora communities, including Britain and the United States.

Before arriving in Australia, Modi visited Indonesia, where he signed agreements covering agriculture and defense cooperation, including deals involving the BrahMos cruise missile system. He is scheduled to travel to New Zealand on Friday before returning to India. -Reporting by Melanie Burton in Melbourne and Renju Jose in Sydney; Editing by Sonali Paul and Raju Gopalakrishnan/Reuters