Union Minister Piyush Goyal Kicks Off Four-Day US Visit to Strengthen Economic and Investment Ties

New York: Union Minister of Commerce and Industry, Piyush Goyal, began his four-day visit to the United States on September 30, 2024, with a series of high-level engagements aimed at bolstering economic cooperation and attracting investments into India.

On the first day of his tour, Minister Goyal chaired a roundtable discussion with young CEOs and entrepreneurs of Indian origin in New York, hosted by the Consulate General of India. The session allowed entrepreneurs to share insights on India’s evolving business landscape and suggest areas for reforms. Minister Goyal emphasized the transformative reforms undertaken under Prime Minister Narendra Modi’s leadership, which have spurred India’s rapid growth over the past decade. He encouraged American companies to capitalize on India’s “Make in India” initiative, especially in sectors such as high-tech manufacturing.

Throughout the day, Minister Goyal engaged in one-on-one meetings with several CEOs from key industries to explore new avenues of collaboration in advanced manufacturing, pharmaceuticals, artificial intelligence, robotics, and sustainable technologies.

Among the key meetings, Minister Goyal met with Chintu Patel and Chirag Patel, Co-CEOs of Amneal Pharmaceuticals, to discuss ways to boost India’s pharmaceutical ecosystem, with a focus on R&D and biologics, as well as enhancing manufacturing capacities to strengthen the global supply chain.

In a significant discussion with Henry R. Kravis, Co-Founder and Co-Executive Chairman of Kohlberg Kravis Roberts & Co. (KKR), Minister Goyal highlighted investment opportunities in India’s growing electronics manufacturing and logistics sectors, citing India’s consistent economic growth and large consumer market as attractive reasons for investment.

Minister Goyal also met Stephen Schwarzman, CEO of Blackstone, who has already invested around USD 50 billion in India, making the company one of the largest commercial and real estate investors in the country. They explored further opportunities in infrastructure development, with Minister Goyal underscoring the government’s focus on enhancing quality infrastructure to boost business efficiency and reduce logistics costs.

A meeting with Timothy F. Geithner, President of Warburg Pincus, also took place, focusing on improving the ease of doing business and expanding investment opportunities in India.

The day concluded with an engaging discussion between Minister Goyal and CNBC’s global market reporter, Seema Mody, on emerging economic opportunities in India and the growing ties between India and the United States.

Minister Goyal’s visit underscores the strengthening economic partnership between India and the US, setting the stage for deeper collaboration and investment opportunities. He will continue meeting with the business community in New York on the second day of his visit, before heading to Washington D.C. for bilateral discussions.