New Delhi [India], November 17 : Union Commerce Minister Piyush Goyal participated in the 'Investor Forum' of the Partnership for Global Infrastructure and Investment (PGII) and Indo-Pacific Economic Framework for Prosperity (IPEF).
The forum, a moderated discussion, was co-hosted by US Secretary of Commerce Gina Raimondo and Senior Advisor to President Amos Hochstein, with the discussion centered around collaborative actions and shared priorities to increase private investment in the Indo-Pacific.
US Secretary of Commerce Gina Raimondo, in her address, highlighted the continuing partnership between India and the US through the green transition fund co-created by the US International Development Finance Corporation (DFC) and the National Investment and Infrastructure Fund (NIIF), aimed at providing climate impact benefits and accelerating the development of clean-energy transition projects in India through investments in solar, energy storage, and e-mobility.
In his address, the Minister extended his appreciation to IPEF partners on the conclusion of negotiations on Pillar-III (Clean Economy) and Pillar-IV (Fair Economy) and emphasized India's commitment to enhancing the ease of doing business, ushering in transparency in the business regulatory ecosystem, and delivering sustainable growth and development.
Thereafter, the minister participated in the APEC Informal Leader's Dialogue, where he highlighted India's environmental leadership in successfully meeting the renewable energy target of 175 gigawatts, nine years ahead of its target.
Additionally, he also called upon world leaders to join hands as a global community to construct a future where sustainability is not a distant aspiration but a way of life and where climate action is not a burden but an opportunity for innovation and growth.
As part of the day's engagements, the minister joined the world leaders at the IPEF Leader's Meeting. The engagement was attended by several world leaders, including US President Joe Biden.
Several IPEF initiatives, such as the critical minerals dialogue, investment accelerator, catalytic fund, investor forum, and IPEF networks, were announced during the meeting.
Besides participating in the PGII Investor Forum and APEC engagements, including the dinner reception for APEC leaders and IPEF Leaders' meetings, the Minister held several bilateral and one-to-one meetings with world leaders and corporate giants. He met Juan Carlos Mathews, Minister of Foreign Trade and Tourism of Peru, and discussed ways to enhance bilateral trade and investment linkages, reviewed the progress of bilateral FTA negotiations, and suggested an expedited conclusion.
The Minister also met Alex Rogers, President of Qualcomm Technology Licencing and Global Affairs, and discussed the vast opportunities for collaboration that India's rapidly evolving semiconductor ecosystem and robust innovation landscape offer to companies like Qualcomm.
During Piyush Goyal's four-day visit that started on November 13, an MoU between India and the US was signed with the objective of connecting both countries' dynamic startup ecosystems, particularly in critical and emerging technologies (CET).
During his ongoing visit, India joined the United States and 12 other Indo-Pacific Economic Framework for Prosperity (IPEF) partners to ink the IPEF supply chain resilience agreement. Goyal said it will "fortify and strengthen" global supply chains.
The Commerce and Industry Minister kicked off his US official tour with a visit to the Tesla Factory Unit in Fremont and interacted with the senior executives of the Tesla group. In a post on X, Goyal said that the US electric car maker is on its way to double its component imports from India.
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