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Commercial ties in focus as Goyal meets Raimondo
CEO Forum represents 22 American and 25 Indian companies, offers recommendations to both governments on commercial, trade and economic ties
Washington: Union minister for commerce & industry Piyush Goyal and the US secretary of commerce Gina Raimondo on Wednesday celebrated the deepening commercial engagement between India and the US, co-chaired the India-US CEO forum, discussed possible American investments in India’s new industrial centres, and talked about ways to deepen bilateral cooperation in sensitive defence and tech sectors.
In a post on X after the bilateral meeting on Wednesday afternoon (early Thursday IST) in Washington DC, held on the sidelines of the CEO Forum, Goyal said, “Our discussions focused on prospects of tech and R&D collaboration in critical sectors such as defence, space, semiconductors, telecom, AI and clean energy. We also discussed opportunities for US investments in upcoming 20 industrial cities in India to foster mutual growth.”
The CEO Forum represents 22 American and 25 Indian companies, offers recommendations to both governments on commercial, trade and economic ties, and works in tandem with the bilateral government to government commercial dialogue mechanism. Tata Sons chairman N Chandrasekaran and Lockheed Martin president and CEO James Taiclet served as the private sector co-chairs of the group in the past year.
Goyal said that the forum on Wednesday engaged in discussions on enhancing cooperation across key sectors such as defence, semiconductor manufacturing, clean energy, space and science, health care, and academia-industry partnerships. “India and the US remain dedicated to strengthening economic ties, promoting growth and collaboration between businesses in both countries, and paving the way for a prosperous future,” he added.
A ministry of commerce release said that the CEOs, under seven working groups, presented priority areas to create stronger partnerships and boost growth across various critical areas. It added that Goyal and Raimondo had also discussed “the pathway for strengthening bilateral cooperation in critical minerals supply chains as recommended by the US-India CEO Forum”.
A US Department of Commerce release also noted the Forum’s accomplishments, including the launch of an online platform — Network for Innovation and Harnessing Investments and Trade for Inclusive Growth Between US and India (NIHIT) — to facilitate knowledge sharing and networking among US and Indian startups and small businesses. “NIHIT has organised four workshops to promote capacity building and skilling in cybersecurity, digital technologies, and AI, which have been attended by over 1,000 startups, small businesses, and entrepreneurs,” it said.
The US release also listed out a set of recent investment announcements. These include Lockheed and Tata Advanced Systems signing a teaming agreement on the C-130J Super Hercules aircraft that creates a framework to set up a new maintenance, repair and overhaul facility in India and expand the manufacturing and assembly of these aircraft in India; Kyndryl’s collaboration with Indian microfinance set-up, CreditAccess Grameen; Amneal Pharma’s announcement of launch of new medicines and groundbreaking of peptide manufacturing facility in Ahmedabad; Honeywell’s delivery and commissioning of a battery energy storage system for India’s first on-grid solar initiative in Lakshwadeep islands; Pfizer’s launch of a commercial analytics centre in India; Viasat’s MOU on space collaboration with government of India on development of next generation satellite technologies; and Otis’s groundbreaking of an expansion of its manufacturing facility in Bengaluru.
Raimondo attended a reception held in the minister’s honour at India House, the residence of the Indian ambassador Vinay Kwatra, on Wednesday evening.
Under Goyal and Raimondo, who have developed a strong working relationship in the last four years, the US and India agreed on the three pillars of the Indo-Pacific Economic Framework that falls under the mandate of the secretary of commerce (the trade pillar is under the US Trade Representative office).
Goyal and Raimondo have revived formats such as the bilateral CEO Forum and commercial dialogue and initiated mechanisms such as the US-India innovation handshake. Raimondo also played a key role in encouraging American businesses, including in sensitive sectors such as semiconductors, to invest in India, while her department has been the nodal agency in imposing severe restrictions and export controls on sensitive technologies to China.
Raimondo has often fondly recalled her visit to India in March 2023, when she joined Holi festivities at defence minister Rajnath Singh’s home. A former Rhode Island governor, Raimondo had a prime speaking slot at the Democratic National Convention and is widely expected to get a top cabinet position if Kamala Harris is elected as the next US president.
