Sydney [Australia], October 10 (ANI) : Defence Minister Rajnath Singh has highlighted the growing depth of the India-Australia relationship, describing it as a transformation from a long-standing friendship into a Comprehensive Strategic Partnership rooted in shared democratic values, mutual trust, and cooperation across multiple sectors.

Addressing the India-Australia Defence Industry Round Table in Sydney, co-chaired with Australia's Assistant Minister for Defence, Peter Khalil MP, Singh said the bilateral relationship has grown remarkably in recent years through sustained high-level engagements and expanding strategic alignment.

What began as a strong friendship evolved into a comprehensive partnership in 2020, strengthened by regular high-level engagements, including the India-Australia Summit in November 2024, the 2+2 Dialogue in October 2024, and reciprocal visits by both nations' Defence Ministers, Singh said.

He emphasised that the India-Australia relationship stands on three vital pillars -- robust government-to-government collaboration, vibrant people-to-people connections, and expanding business and industrial partnerships.

Highlighting the presence of over one million people of Indian origin in Australia, Singh said these human linkages, coupled with growing trade and technology cooperation, form the foundation of a dynamic bilateral relationship. However, he noted that defence industrial collaboration based on joint research, co-production, and innovation still holds significant untapped potential.

'India and Australia are natural partners, and this collaboration is both strategically significant and economically beneficial,' Singh said.

India's strength in software, advanced manufacturing, and technology, combined with Australia's innovation and research ecosystem, makes this partnership an ideal platform for co-developing future defence solutions.

He described the Round Table as a 'catalyst for unlocking unrealised potential' and noted that India's rapid economic and industrial transformation is creating new opportunities for international cooperation.

Singh also extended an invitation to Australian companies to partner with Indian businesses and co-produce high-end products.

'India welcomes Australian companies to partner with the Indian industry to co-develop and co-produce high-end systems, including propulsion technologies, autonomous underwater vehicles, flight simulators, and advanced materials. Joint ventures can help build interoperable platforms aligned with the strategic objectives of both our nations,' he added

India, he said, is now the world's fourth-largest economy and the fastest-growing major economy, maintaining steady growth despite global challenges. In 2023-24, India's defence production reached 1.51 lakh crore (USD 18 billion), an 18 per cent rise from the previous year, while defence exports touched a record 23,600 crore (USD 2.7 billion), he said.

The Defence Minister highlighted key reforms such as Make in India, Production-Linked Incentive (PLI) schemes, and liberalised FDI policies, which have opened the defence sector to up to 74% foreign investment through the automatic route. These steps, he said, have made India one of the most attractive destinations for defence manufacturing and R&D.

The Round Table was attended by India's High Commissioner to Australia, Gopal Baglay; Vice Admiral Sanjay Vatsayan, AVSM, NM, from the Indian Navy; and Air Marshal Ashutosh Dixit, AVSM, VM, VSM, from the Indian Air Force, along with senior officials and industry representatives from both countries. (ANI)