Chicago [USA], October 3 (ANI) Union Commerce and Industry Minister Piyush Goyal highlighted India's expanding investment opportunities, growing trade partnerships and potential as a global hub for technology and data centres, while urging the Indian diaspora and American businesses to play an active role in strengthening India-US economic ties.
Addressing an event organised by the US Indian Community Foundation in Chicago, Goyal highlighted the contribution of the Indian diaspora in the United States and said Indian talent, rooted in perseverance and purpose, continues to make an impact globally.
"Delighted to address the US Indian Community Foundation event in Chicago. Spoke about the remarkable contributions of the Indian diaspora in the US and highlighted how Indian talent, rooted in perseverance & purpose, continues to make an impact worldwide," Goyal said in a post on X.
He also highlighted India's transformation over the past decade and the opportunities emerging across the country, encouraging members of the diaspora to become active partners in India's growth story.
In another engagement, Goyal interacted with the Asian American Hotel Owners Association (AAHOA) and Asian American Store Owners Association (AASOA) in Chicago, appreciating their contributions to the US economy and local communities.
He urged the organisations to work with India to support more communities, encourage entrepreneurship and strengthen India-US trade.
"Looking forward to nurturing stronger partnerships and continued dialogue," he said.
During his Chicago engagements, Goyal also spoke about India's growing attractiveness for investors and businesses, pointing to the country's large domestic market and expanding network of Free Trade Agreements.
"Opportunities are currently opening up in India for investors, for people connected with new technologies, and a massive market of 140 crore people is present in India where you can do business with the world from India," Goyal said.
Highlighting India's FTA strategy, Goyal said the country had entered into agreements with 38 more developed nations over the last four to four-and-a-half years, representing a combined GDP of about USD 60 trillion. He said that, together with earlier agreements, the trade partnerships cover economies representing around USD 70 trillion in GDP.
Goyal said the agreements would allow Indian goods to access these markets under preferential or zero-duty arrangements and help integrate India further into global value chains. The Commerce Ministry has previously said India has concluded nine FTAs covering 38 developed economies with a combined GDP of nearly USD 60 trillion.
The minister also pitched India as a potential location for global data centre investments, citing the country's power infrastructure, unified electricity grid and technology ecosystem.
"For those of us in this room who understand the requirements of a data center, I dare say, amongst the trusted world, countries where you feel safe with your data, where you feel safe to invest in the current geopolitical context, India is the world's best location to house data centers," he said.
Goyal said the government had worked towards integrating India's electricity grids to improve stability and ensure power availability across the country. The government has separately highlighted reliable power, land availability and streamlined approvals as key areas for expanding India's data centre ecosystem, with potential investments estimated at around USD 200 billion.
He also addressed concerns raised by investors regarding the ease of doing business in India, saying the government had made efforts to simplify processes and procedures.
"Genuine problems that many time investors face in India," Goyal said, adding that he had met businesses of different sizes through the US-India Business Council, US Chamber of Commerce and other forums during his US visit.
He also spoke about changes in India's governance and business environment, claiming that corruption at higher levels of government had been eliminated under Prime Minister Narendra Modi's government and that further reforms were being pursued to make it easier to do business.
Goyal's Chicago engagements come during his September 29-October 5 visit to the United States. The visit includes participation in the G20 Trade Ministers' Meeting in Milwaukee and meetings with American industry leaders, investors, startups and members of the Indian diaspora in Milwaukee, Chicago and New York.
At the G20 Trade Ministers' Meeting in Milwaukee, Goyal participated in discussions on food and trade, structural excess capacity, the Most-Favoured-Nation principle and forced labour in global supply chains. He also held bilateral meetings with trade ministers and representatives of key G20 partners.
Before the G20 meeting, Goyal also interacted with CEOs and senior executives of US manufacturing and technology companies at a National Association of Manufacturers roundtable in Milwaukee. The discussions focused on investment, manufacturing, technology, innovation and resilient supply chains, with Goyal inviting American companies to deepen their partnerships with Indian enterprises.
The minister's US visit comes amid ongoing efforts to advance the India-US Bilateral Trade Agreement. According to the Ministry of Commerce and Industry, Goyal is engaging with his US counterpart as part of efforts to advance a balanced and mutually beneficial bilateral trade agreement and finalise an interim deal. (ANI)
Piyush Goyal highlights India’s investment opportunities, urges US diaspora to deepen trade ties
