Modi calls for 'historic' Australia-India cooperation in nuclear energy, critical minerals

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.

Australian Prime Minister Anthony Albanese, after meeting Modi at the business event, called the Indian leader a "living bridge" between Australia and India, saying Modi's vision had helped reshape the roadmap for Australia's economic engagement with India.

Both leaders are expected to meet later on Thursday for formal talks.

India is Australia's fifth-largest trading partner after China, Japan, the US and South Korea, while around 1 million people in Australia claim Indian ancestry.

Modi, who previously visited Australia in 2023, is expected to meet thousands of expatriate Indians at an event in one of the biggest stadiums in Melbourne on Thursday evening.

Security has been tightened near the stadium after reports of some protests, Australian media said.

The Indian leader has staged large-scale events during his overseas trips and has addressed packed stadiums in Britain, the United States, and other countries that have large expatriate Indian populations.

Thousands of supporters thronged one of Sydney's biggest indoor stadiums during his last visit three years ago.

Modi arrived in Australia after visiting Indonesia, where he signed a raft of deals on agriculture and defence, including for the BrahMos cruise missile system. He will leave for New Zealand on Friday afternoon before returning to India.