The agreement titled “Enhancing Innovation Ecosystems through an Innovation Handshake” was signed by India’s Commerce Minister Piyush Goyal, who is on a four-day stopover in the United States.
Piyush Goyal, in an article on X, said that the MoU is meant to have a positive effect on economic activity, attract investment and generate jobs.
Minister Goyal also held a bilateral meeting with his US counterpart Gina Raimondo on the sidelines of the IPEF Ministerial Meeting and discussed the development of industrial cooperation and publicity engagement between India and the United States.
Piyush Goyal also co-chaired the panel discussion titled “Decoding the Handshake in Innovation: A U. S. -India Business Partnership” with Raimondo.
CEOs from various data generation and communications (ICT) companies, startups, and investors in the critical and emerging technologies sector discussed how to build collaboration between the United States and India.
During its ongoing visit, India joined the United States and 12 other partners in the Indo-Pacific Prosperity Economic Framework (IPEF) to sign the IPEF Supply Chain Resilience Agreement. Goyal said it would “strengthen and strengthen” global chains.
India and the United States are among the 14 IPEF chain resilience partners, along with Australia, Brunei Darussalam, Fiji, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
This global supply chain resilience deal is seen as a way to achieve high dependence on China, especially after severe supply disruptions following the impact of COVID-19.
As part of the proposed agreement, IPEF components seek to create a framework for their collective understanding of curtain supply chain risks; and to achieve better coordination of crises and reaction to interruptions in the chain of origin.
It will also seek to ensure that personnel and companies, particularly micro, small and medium-sized enterprises, obtain advantages from resilient, physically powerful and effective chains of origin; the availability of a sufficient number of professional personnel in critical sectors and key products, adding them through personnel improvement and retraining.
In a post published on microblogging of this type, the global offer will be “strengthened and strengthened”. chains, and “foster adaptability, stability and sustainability”.
Goyal thanked his U. S. counterpart, Gina Raimondo, for her leadership and personal commitment to making this “truly historic” moment a more resilient future.
Earlier, at an interactive consultation organized in San Francisco as part of the first leg of the U. S. tour, the Union Minister held extensive discussions with participants and highlighted the various measures taken by the Indian government to facilitate transportation. do business. So far, he has held several bilateral meetings with his counterparts from other countries.
“. . . highlighted how the country offers promising opportunities for investors, thanks to the unique combination of our demographic dividend, production functions, and a favorable business environment,” Goyal posted on X, saying that India is an attractive investment destination for the world.
The Minister of Trade and Industry began his official tour of the United States with a stopover at Tesla’s factory in Fremont and met with senior executives of the Tesla group.
In an article about X, Goyal said the U. S. electric carmaker is set to double its component imports from India.
Tesla CEO Elon Musk had said in June this year that he plans to travel to India next year, adding that he is confident that the electric carmaker will be in India and will do so “as soon as humanly possible. “