Piyush Goyal to attend IPEF next week, meet execs for India investment

The IPEF ministerial meeting is scheduled to take place during November 13-14, which is likely to see 'significant updates' on the progress of negotiations

Commerce and Industry Minister Piyush Goyal is set to begin a four-day visit to the US between November 13 and November 16 where he will participate in the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial in San Francisco, an official statement said on Friday.

Goyal is also expected to meet top executives from Tesla to discuss the carmaker’s entry into the Indian market, although there has been no official announcement on this.

He is also expected to interact with globally-renowned technology, entrepreneurship, and academic communities in Silicon Valley. Goyal will also hold discussions with American companies looking to invest or expand in India across sectors — electronics (including semiconductors), technology and fintech.

The minister will interact with eminent business persons, prominent academics, US officials and industry leaders during the visit to further strengthen economic and commercial partnership between the two nations, an official statement said.

That apart, the minister will be representing India at the Asia-Pacific Economic Cooperation (APEC) economic leaders’ engagements during November 15-16 as India has been invited as a guest economy. 

The IPEF ministerial meeting is likely to see ‘significant updates’ on the progress of negotiations.

Goyal will also hold bilateral meetings with the US secretary of commerce Gina Raimondo and USTR Katherine Tai. The meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation. 

There will also be bilateral meetings with ministers from other IPEF partner countries on the sidelines of the ministerial.

Apart from India and the US, the 12 other IPEF members are Australia, Brunei, Fiji, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

Goyal will also represent India at the IPEF Leaders’ Meeting and the Partnership for Global Infrastructure and Investment (PGII) — IPEF Investor Forum meeting on November 16. 

“One of the key focus areas of the visit will be the joint event, co-chaired with US Commerce Secretary Gina Raimondo on ‘India-USA Innovation Handshake Initiative’, with the aim to lift and connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, promote further innovation and job growth, particularly in emerging technologies, “ the statement said.

“The visit reflects the determination to forge strong and mutually-beneficial trade and investment relationships that will not only benefit the economies of both India and the US but also contribute to the overall prosperity and welfare of their respective citizens,” the statement added.