Australia Looks to Invest Superannuation Funds in Indian Infrastructure Projects

Prime Minister Narendra Modi and the Australian Prime Minister Malcolm Turnbull sought to strengthen ties between the two nations as the two leaders discussed the idea of investing Australian savings into major Indian projects on the sidelines of the Commonwealth summit in London.

PM Modi and Australian PM Turnbull campaigned the idea of encouraging Australian superannuation funds to be invested in infrastructure related projects in India. This will add to a $2 billion fund set up by Macquarie with the State Bank of India (SBI) in 2009, reported The Sydney Morning Herald.

Turnbull and Modi also talked of options for trade deals across the region, including the Regional Comprehensive Economic Partnership that might one day include China as well as India, said the report.

Macquarie, a leading owner and operator of infrastructure assets globally, and SBI collaborated in a joint venture on April 2009 to invest in Indian infrastructure projects like roads, sea ports, airports, power generation, transmission and distribution, gas distribution, telecommunications and logistics businesses.

Meanwhile, PM Modi, during his executive session at Commonwealth Heads of Government Meeting in London, announced the doubling of India’s contribution to the Commonwealth fund for technical cooperation on April 20. As per the External Affairs Ministry, he emphasized the need to focus on providing developmental assistance to small island states, reported PTI

In a wider effort to step up India’s role across global forums, Modi’s bilateral meetings included discussions with Seychelles President Danny Faure, which assumes importance after the country ordered an investigation into the leak of a highly classified agreement signed with India for development infrastructure on Assumption Island, which is southwest of Mahe.

Had a wonderful meeting with the President of Seychelles, Mr. Danny Faure. Our discussions will add strength to the bilateral relations between our nations. pic.twitter.com/QoIpuvI22q

— Narendra Modi (@narendramodi) April 19, 2018

Modi also met his Mauritius counterpart and talked about cooperation in trade and investment, maritime cooperation and people to people ties, spokesperson of Ministry of External AffairsRaveesh Kumar said . Modi’s other interactions included meeting the Ugandan President Yoweri Museveni, Gambian President Adama Barrow, Fiji Prime Minister Frank Bainimarama among others.

The Commonwealth Heads of Government meeting (CHOGM) formally commenced in the Buckingham Palace on Apr.19 with Queen Elizabeth II welcoming 53 leaders of the Commonwealth countries.

After signing off his visit of Sweden with a speech to the Indian diaspora residing there, Prime Minister Narendra Modi arrived in the United Kingdom late on April 17 for the Commonwealth Heads of Government meeting.