New Zealand and India signed a free trade agreement (FTA) in a record time of nine months, opening new opportunities in market access, investment, services, technology and talent mobility, Modi said while addressing a business event alongside Kiwi Prime Minister Christopher Luxon.

“I am confident that by working with renewed vigour and enthusiasm, we will double bilateral trade by 2030,” he said, referring to a target set by both sides to take two-way trade to US $4 billion in four years.

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He described New Zealand’s commitment to invest US$20 billion in India over the next 15 years as a commitment to partner in the country’s development journey.

“India is the world’s fastest growing major economy. Our growing middle class, large-scale digital adoption and infrastructure push make India a unique growth story,” he said, speaking in Hindi.

“In India, we have made reform, perform and transform the foundation of governance. India has policy stability, political stability, and continuity of growth.”

India is not only a market, but a launchpad for global growth, Modi said, listing incentives such as the Production Linked Incentive (PLI)scheme to promote manufacturing with US$20 billion in support to 14 sectors, and the rapid growth of airports, regional connectivity and tourism.

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Modi said India is the world’s third largest domestic aviation market, and New Zealand can work with the country to build cargo corridors, flight connectivity and joint tourism packages.

“Perishable cargo solutions can be developed for kiwis, apples, honey and seafood. New Zealand has vast expertise in horticulture, dairy science and forestry. India has the strength of its consumer market, food parks and agri-tech talent. Together we can create farm-to-market value chains and global export platforms,” he said.

Besides work underway to link the digital payments systems of the two sides, the two sides can advance green bonds and blended finance, and work together in the space sector on small satellites, remote sensing and ocean monitoring, Modi said.

“I suggest that we jointly develop a very ambitious business roadmap. We should identify at least five flagship projects, combining our strengths, and establish a review mechanism to ensure their timely completion,” he said.

Luxon noted that New Zealand is the third largest launcher of rockets, and said governments, businesses and community leaders have to come together to realise opportunities for both countries.