Key Takeaways
- The India-US CEO Forum meeting focused on tech and R&D collaboration in defence and semiconductors, with a focus on US investments in India and strengthening bilateral commercial ties.
- The meeting saw the launch of the NIHIT Platform, which aims to facilitate online knowledge sharing and networking among U.S. and Indian startups and small businesses.
- Several new collaborations and investments were announced between US and Indian companies, including a teaming agreement between Lockheed Martin and Tata Advanced Systems Limited.
Washington/New Delhi: The 6th India-US CEO Forum, co-chaired by Union Commerce Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo, was held in Washington on Wednesday. Discussions focused on tech and R&D collaboration in critical sectors such as defence, space, semiconductors, telecom, AI and clean energy.
Minister Goyal in a post on X said:
“Held a productive meeting with the US Secretary of Commerce @SecRaimondo, over lunch on the sidelines of the India-US CEO Forum.
“Our discussions focused on prospects of tech and R&D collaboration in critical sectors such as defence, space, semiconductors, telecom, AI and clean energy.
“We also discussed opportunities for US investments in upcoming 20 industrial cities in India to foster mutual growth.”
The India-US CEO Forum is a platform that convenes leaders of the U.S. and Indian business communities to develop and provide joint recommendations to strengthen bilateral commercial ties and expand trade and investment between India and the United States.
During the meeting, U.S. and Indian government representatives and CEO Forum members reaffirmed their commitment to expanding bilateral commerce and trade, driving inclusive economic growth and innovation, and fostering a resilient bilateral partnership, a statement from the US Department of Commerce said.
The Secretary and the Minister thanked James Taiclet, President and Chief Executive Officer, Lockheed Martin, and N. Chandrasekaran, Chairman, Tata Sons, for their leadership as Private Sector Co-Chairs from 2023–2024. They noted, with appreciation, the recommendations made by the Forum members over the past two years and their respective initiatives.
They also took stock of the Forum’s accomplishments, including the launch of the publicly accessible Network for Innovation and Harnessing Investments and Trade for Inclusive Growth between the United States and India (NIHIT) Platform to facilitate online knowledge sharing and networking among U.S. and Indian startups and small businesses. To date, NIHIT has organized four workshops to promote capacity building and skilling in cybersecurity, digital technologies, and AI, which have been attended by over 1,000 startups, small businesses, and entrepreneurs.
CEO Forum members, which represent a total of 22 U.S. companies and 25 Indian companies, have also made a series of recent announcements demonstrating their commitment to advancing U.S.-India commercial engagement:
Lockheed Martin and Tata Advanced Systems Limited’s recent signing of a teaming agreement on the C-130J Super Hercules aircraft. The agreement creates a framework to (1) establish a new maintenance, repair, and overhaul facility in India to support the Indian Air Force’s (IAF) fleet and other global fleets of C-130J Super Hercules aircraft; and (2) expand the manufacturing and assembly of these aircraft in India to support the IAF’s Medium Transport Aircraft program.
Kyndryl Inc.’s collaboration with Indian microfinancier CreditAccess (CA) Grameen to deliver advanced technology services needed to digitize and transform CA Grameen’s microloan processing business, enabling more than 2 million women borrowers to have easy and fast access to credit in rural India.
Amneal Pharmaceutical’s announcement this week of the launch of medicines in several new therapeutic areas and the groundbreaking of a state-of-the-art peptide manufacturing facility in Ahmedabad, India.
Honeywell International’s delivery and commissioning in September of a 1.4 MWh Battery Energy Storage System (BESS) for the Solar Energy Corporation of India’s project on the Lakshadweep Islands, which is India’s first on-grid solar initiative using BESS to manage the supply of renewable power.
Pfizer’s launch in September of its first commercial analytics center in India, called the “Analytics Gateway,” which will harness AI and best-in-class data science to improve Pfizer’s analytics of international markets and help it deliver more of its medicines to patients in need in India and around the world.
Viasat’s MOU on Space Collaboration, signed in September with the Government of India, to set a roadmap for collaboration on the development of next-generation space technologies between the two parties to deliver high-speed and high-capacity internet services to users in India and internationally.
Otis Worldwide’s groundbreaking in August of an expansion to its manufacturing facility in Bengaluru, India. The expansion will double the company’s current escalator production capacity and help it further support metro projects and other residential, commercial and infrastructure development throughout India through the sale of elevators and escalators.
