During a visit to Tesla’s Fremont, California, manufacturing facility on Monday (local time), Union Minister for Commerce and Industry Piyush Goyal announced that the US electric car manufacturer is planning to treble its imports of components from India.
Goyal emphasized that he is pleased with the increasing significance of Indian auto component suppliers in the Tesla EV supply chain.
He wished Elon Musk, the CEO of Tesla, a speedy recovery and mentioned that he missed their meeting. He declared himself “delighted” to see Indian financial and engineering specialists holding prominent roles and supporting Tesla’s efforts to revolutionize the transportation industry.
Goyal posted on social media app X, saying, “Took a tour of Tesla’s cutting-edge Fremont, California, production facility. We are incredibly happy to see that bright Indian engineers and finance professionals are contributing to Tesla’s incredible quest to reinvent mobility in senior roles. I am also pleased to observe that Indian auto component suppliers are becoming more and more significant in the Tesla EV supply chain. It is en route to double its imports of Indian components. I hope Mr. @ElonMusk has a quick recovery because I really missed his captivating presence.”
Going to X, Goyal said, “Met H.E. Gan Kim Yong, Minister of Trade & Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership.” (ANI).
Additionally, he met Ambassador Katherine Tai of the US Trade Representative while attending the Indo-Pacific Economic Framework (IPEF) in San Francisco. The IPEF and trade pillars were discussed by the two leaders.
According to a previous news release from the Ministry of Commerce and Industry, Goyal is expected to have a bilateral discussion with US Commerce Secretary Gina Raimondo and officials from other sectors and industries. These gatherings will center on lowering trade obstacles, encouraging investments, and building stronger collaboration in fields like innovation and technology.
The joint “India-USA Innovation Handshake Initiative” event, co-chaired by US Commerce Secretary Gina Raimondo, will be a major highlight of the visit. Its objectives are to connect and elevate the vibrant startup ecosystems on both sides, address specific regulatory barriers to cooperation, and encourage additional innovation and job growth, especially in emerging technologies.”
According to the press release, Goyal will meet one-on-one with CEOs and take part in the investors’ roundtable while in the US. Additionally, he will communicate with a range of stakeholders, including the Indian diaspora, entrepreneurs, students, and venture capitalists.
In order to have targeted conversations with American businesses wishing to invest in or grow in India, Piyush Goyal is anticipated to engage with internationally recognized technology, entrepreneurship, and academic communities in the Bay Area, especially in Silicon Valley. These companies may be in the electronics (including semiconductors), technology, fintech, or other sectors.