Indo- Pacific Economic Forum (IPEF) to work to ensure that Indo-Pacific Region would remain secure and open for business: Shri Piyush Goyal
Los Angeles: Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Shri Piyush Goyal will continue on the second leg of his tour of the US and travel to Los Angeles today to attend the first in-person Ministerial meeting of the Indo-Pacific Economic Forum (IPEF), US-India Strategic Partnership Forum (USISPF) meeting and other significant events.
Earlier in the day, Shri Goyal had a luncheon engagement with the ‘Indiaspora’.
Interacting with media later in the day, ahead of the IPEF Ministerial, Shri Piyush Goyal said that discussions at IPEF would focus on opening opportunities for the member nations to work in partnership with each other to ensure that particularly during challenges and difficult times, supply chains remain open and business and people of countries don’t suffer because of chaotic conditions like covid and conflict.
Terming IPEF as a new and unique initiative and a partnership between rules-based, like-minded countries which have transparent economic systems, Shri Goyal said that IPEF would work to ensure that the Indo-Pacific Region would remain secure and open for business.
Elaborating further, the Minister said that at the IPEF Ministerial, discussions would focus on facilitating open trade and keeping supply chains open. He said that as trading relations with IPEF nations expand, investments, both from and into India, would also get a leg up. All the countries meeting tomorrow have a lot to offer each other in terms of trade, investments, and technology and we will work together on all fronts, he added.
Responding to a query, Shri Goyal said that US and India share a very good and strong business relationship. The US is India’s largest trading partner and many Indian companies do a lot of work for their counterparts in America. There is a lot of investment flowing from the US to India, he added.
Observing that US and India are getting closer together, the Minister said that the relations between the two nations were strengthening by the day through two Quads now- one with Japan and Australia and another with Israel and UAE. 2 plus 2 ministerial dialogues between India and USA are robust and vibrant and our engagements in several areas including geopolitical and sensitive areas are expanding. The leaders of both countries, the businesses of both countries, and the people of both countries are closer than ever before, he added.
Highlighting some of the milestones India has achieved in international engagement such as USD 675 billion worth of foreign trade despite challenges of conflict, inflation, the threat of recession and pandemic, and record FDI in the last eight years, the Minister expressed confidence that India is and would remain a preferred trading partner and investment destination to the world, thanks to the huge market, honest government and transparent economic policies, rule of law, vibrant media and judiciary. This will improve the well-being of the people of India provide jobs, thrust economic activity, and thus growth, he added.
The Minister also engaged with top companies and labs of semiconductor manufacturing and research to explore greater collaboration with Indian companies. He held a meeting with Tim Archer, CEO of Lam Research.
“Building on our pool of young & skilled workforce discussed how India in collaboration with Lam research, can provide a leading edge in semiconductor innovation”, he tweeted after the meeting.
Shri Goyal then Visited the Maydan Technology Center and met with Gary Dickerson, President & CEO of Applied Materials.
“Deliberated on how one of the world’s largest semiconductor companies can further strengthen India’s semiconductor, display & solar manufacturing ecosystems”, the Minister tweeted.