India-US ties moving beyond trade, expanding into investment, manufacturing, technology: Piyush Goyal

The latest market report highlights that Commerce and Industry Minister Piyush Goyal has urged American manufacturers to expand their presence in India, saying economic ties between the two countries are increasingly extending beyond traditional trade to investment, manufacturing, technology, innovation and resilient supply chains.

Goyal made the remarks while addressing a business roundtable convened by the National Association of Manufacturers (NAM), which brought together representatives of small and large US manufacturers.

The minister highlighted the momentum in India-US economic ties, along with India's expanding industrial base and skilled workforce. He invited American manufacturers to deepen their presence in India, partner with Indian small and medium enterprises (SMEs) and co-invest in advanced manufacturing.

According to Goyal, such partnerships can help build resilient supply chains while creating value for both economies.

The minister additionally stated the Indian government was ready to facilitate US firms in their operations, expansion and investments in the country.

“Piyush Goyal interacted with CEOs and senior executives of prominent US manufacturing and technology firms of the United States at a business roundtable hosted by the National Association of Manufacturers (NAM),” the Commerce Ministry stated in a statement on September 30.

NAM represents a substantial share of leading US manufacturing firms, contributing significantly to the country's manufacturing GROSS DOMESTIC PRODUCT of around $3 trillion, according to the ministry.

Goyal in US for G20 trade meeting

Goyal arrived in Milwaukee on September 30 to attend the G20 Trade Ministers' Meeting. During his visit, he additionally attended a reception hosted by the Business Roundtable and NAM at the global headquarters of Rockwell Automation, where he interacted with trade ministers from other G20 countries and senior US business leaders.

The visit comes as India and the US seek to deepen economic engagement across trade, investment, manufacturing and technology.

Goyal is on a September 29-October 5 visit to the US for the G20 Trade Ministers' Meeting and talks with US Trade Representative Jamieson Greer. The two sides are anticipated to propel ahead with negotiations on an interim trade deal.