Indian Prime Minister Narendra Modi stated on Thursday that the relationship between India and Australia presents a "historic opportunity" for collaboration in areas including nuclear energy, renewable power, critical minerals, and green hydrogen.

Modi indicated that Australia's technology, capital, and resources could help accelerate India's energy transition and suggested potential cooperation on low-carbon aluminum projects.

He made these remarks at the 'Australia-India Economic Roadmap' business event after arriving in Melbourne late Wednesday.

The visit coincides with both nations seeking to deepen their economic ties: India aims to leverage Australia's uranium reserves to achieve a target of 100 gigawatts of nuclear power capacity by 2047, while Australia is looking to diversify its trade partnerships.

"We have a historic opportunity for cooperation in this field," Modi stated, also urging the Australian business community to make long-term investments in India's road, port, railway, and urban infrastructure projects.

"India offers a safe, stable, and sustainable growth option for your capital," he said.

On Thursday, AustralianSuper, Australia's largest pension fund, announced it would commit an additional A$500 million (US$347 million) to India’s National Investment and Infrastructure Fund.