India-US are natural partners in terms of competitive advantages, says Goyal
Commerce and Industry Minister Piyush Goyal has expressed confidence that the ‘Partnership of Trust’ between India-US, resting on three pillars of Trade, Tech and Talent, is going ahead from strength to strength.
While interacting with the media in San Francisco, the Minister informed that he interacted with eminent business professionals, CEOs, senior captains of industry, start-up ecosystems, venture capitalists and others.
He noted the meeting participants’ experiences of working with India and gave suggestions and new ideas on furthering India US engagements, in terms of increasing flow of investment into India.
The Minister also launched the Institute of Chartered Accountants of India (ICAI) in 6 regions in the United States.
Goyal interacted with the leadership of GITPRO (Global Indian Technology Professionals Associations) and FIIDS (Foundation for India and Indian Diaspora Studies) in San Francisco.
He urged them to be a part of the Growth Story of India, and invited them to invest and set up operations in India.
Goyal also interacted with the US India Strategic Partnership Forum (USISPF) in San Francisco.
The Minister visited San Francisco and Los Angeles 5-10 September 2022 for the India-US Strategic Partnership Forum (USISPF) conference and Indo-Pacific Economic Framework (IPEF) Ministerial meeting.
“India today provides the best investment opportunity to the investors across the world,” he said, calling on US investors to consider opportunities that the country offers over the next 25 years.
Addressing the USISPF in San Francisco, Goyal pointed out that India-US relations are based on strong government to government engagement, people to people ties, large Indian diaspora, business to business relations, increasing bilateral trade, deep engagement in geopolitically relevant vibrant Quad, Ministerial Dialogue, IPEF and robust trade policy forum.
Reaffirming India’s commitment to working closely in areas of mutual interest, Goyal said focus is on further expanding the India-US relationship.
Recognizing that India and the US are natural partners in terms of competitive advantages and opportunities they offer to each other, the Minister spoke about the talent that India has provided to the US and investment that the US has provided to India.
Noting that both countries share tremendous interest in the world which is peaceful, open to business, and believes in democracy, transparency, Goyal asserted that the two countries can work collectively to promote global security, stability and resilient supply chains and a growing economy.
Stating that India’s credibility has strengthened across the world in last few years, he said on 6 Sept 2022, “We have taken transformative reforms and structurally prepared the economy for higher degree of honest business, recognizing and respecting integrity in business processes, reducing compliance burden, decriminalisation of laws, respecting and trusting and honesty of business persons.”
Goyal pointed out that India is opening up discussions with countries on subjects that were never taken up before such as gender, environment, small and medium enterprises, labour and anti-corruption laws.
“We are committed to providing growth opportunities both for domestic and foreign investors,” Goyal underlined.
Goyal highlighted the fact that lots of innovation is taking place in different fields. New areas are opening up in India such as Artificial Intelligence, Big Data, E Commerce, Edutech, Fintech, Agritech and Healthtech.
Further, he sought suggestions and ideas to explore the engagement further in areas around textiles, geotextiles, technology for testing labs.
He urged Chartered Accountants all over the world to be ambassadors of Brand India.
Addressing the gathering in San Francisco after launching the Institute of Chartered Accountants of India (ICAI) in 6 regions in the United States, Goyal said he was looking forward to a time when ICAI would have a hundred international offices.
Referring to the 21st World Congress of Accountants which is to be held in Mumbai in November 2022 for the first time in 118 years, Goyal said that it was set to happen when India was at the cusp of the G20 presidency.
“It is a recognition of the growing relevance India has in the comity of nations,” he added.
He also informed the CAs, that the world leaders are making every effort to expand their engagement and trade with India through bilateral agreements.
“We have had two successful FTAs with Australia and UAE and we are at an advanced stage of negotiations with the UK and it will possibly be concluded by Diwali (Oct 2022)”.
Goyal also called upon Chartered Accountancy firms of India to aspire to develop global partnerships and become international level firms.
“The legacy of trust, honesty and high standards left behind by our predecessors must always inspire us to do justice to the trust reposed on us by the world,” the Minister said. fiinews.com
