Piyush Goyal, the Union Minister for Commerce and Industry, visited Tesla’s Fremont, California, production facility on Monday (local time) and announced that the American electric car manufacturer is planning to quadruple its imports of Indian components.
Goyal emphasised how pleased he is to see Indian auto component suppliers become more and more significant in the Tesla EV supply chain.
Goyal will take part in the third in-person Indo-Pacific Economic Framework (IPEF) Ministerial Summit on November 13–14, 2023. Goyal is visiting the United States from November 13–16. He arrived in San Francisco on Monday AM (local time). He is scheduled to attend the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco as part of his visit.
He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars.
Goyal is scheduled to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and representatives from various sectors and industries, according to the Ministry of Commerce and Industry earlier press release. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation.
One of the key focus 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 up and connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies.”
In addition, the news release states that Goyal will hold one-on-one meetings with CEOs and take part in an investors’ roundtable while in the US. Furthermore, he will engage with a range of stakeholders, including the Indian diaspora, entrepreneurs, students, and venture capitalists.
In order to have focused discussions with American companies looking to invest in or expand in India across sectors – Electronics (including semiconductors), Technology, FinTech, etc. – Piyush Goyal is expected to engage with internationally recognised technology, entrepreneurship, and academic communities in the Bay Area, especially in Silicon Valley.
