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Commerce & Industry Minister Piyush Goyal has said that he expected US-based aerospace company Boeing to increase its presence and expand its local supply chains in India following the large order it received from the Tata Group.
“Boeing has received a very large order from the Tata’s and I am given to understand that similar sized orders are in the pipeline... I want to see greater presence of Boeing in India. We would love to see you expand your local supply chains...and have more MRO (maintenance, repair and operations) activity here. This will serve the entire region,” Goyal said addressing an event organised by the American Chamber of Commerce in India (AMCHAM).
In February this year, Air India announced a 470-aircraft order with Airbus and Boeing, including 260 widebody planes. The order was among the largest globally.
American companies in a number of areas can also establish base in India to export to markets in Africa and South-East Asia, Commerce & Industry Minister Piyush Goyal has said.
“India offers assured prosperity and growth to the US companies with the recent policy reforms undertaken with focus on the fundamental macroeconomic parameters, affordable labour costs, inclusive and sustainable development and increasing ease of doing business,” Goyal said.
Bilateral trade between India and the US, which has been the highest the last couple of years, can grow multi-fold over the next few years and businesses can work together to expand in sectors such as defence manufacturing, pharmaceuticals, textiles, engineering products, auto components, electrical products and agricultural products, the Minister added.
In services, there is scope for cooperation in areas such as IT, accounting, business processes outsourcing, research and development, and tourism, he said
The US was India’s largest trade partner in 2022-23 with bilateral trade between the two increasing by 7.65 per cent to $128.55 billion in 2022-23 as against $119.5 billion in 2021-22, per provisional data released by the Commerce Department.
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