Commerce and industry minister Piyush Goyal on Thursday asked American companies to set up base in India and use it to expand in markets of Africa and Southeast Asia.
Addressing annual general meeting of American Chamber of Commerce, the minister mentioned that he would like to see greater presence of Boeing in India as it has won a large order from Air India.
Air India has ordered in all 220 airplanes from Boeing.
“We would love to see you expand your local supply chains…and have more MRO (maintenance, repair and operations) activity here,” he said.
Goyal said both countries can work together to expand to the next level of many sectors like defence manufacturing, pharmaceuticals, auto, electronics and in areas of services like IT, accounting and research.
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He said bilateral trade between both countries is growing rapidly and has a tremendous potential to scale further heights. US is India’s top export market. India’s merchandise exports to US stood $78.31 billion while imports were $50.24 billion in 2022-23.
Goyal also said both the sides are looking at expanding the trade four-fold so that “we can touch $500 billion target by 2030”. By 2030, India is looking at increasing its goods and services exports to $2 trillion, which the minister said is doable.