India-US To Bolster Ties In Pharma, Semiconductor Sectors; Honeywell, Pfizer, Kyndryl, Viasat CEOs New Joinees To Forum

An official statement released on Friday (1 December) confirmed that India and the US have concurred on bolstering collaboration in areas such as pharmaceuticals, semiconductors, critical minerals, and emerging technologies.

The commerce ministry stated that the two nations also engaged in dialogues regarding potential collaboration in green and clean technologies, as well as bolstering partnerships in crucial technologies.

During a virtual review meeting of the India-US CEO Forum last night, Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo discussed several key areas such as:

• Supply Chain cooperation across pharma, semiconductors, critical minerals and energy

• Collaborative opportunities in green technology and scaling up manufacturing for clean technology

• Strengthening partnership in critical and emerging technologies

• Bilateral industry-led skilling programs including STEM exchange

• Leveraging forum initiatives like NIHIT, Prakshepan and FIST to build bridges between startups and SMBs from both countries

Raimondo encouraged the CEO Forum to capitalise on the existing momentum and put into action the key suggestions proposed by its members. Additionally, she revealed the addition of four new members from the US industry to the forum, namely Honeywell, Pfizer, Kyndryl, and Viasat.

The Forum, which includes CEOs from top companies in India and the US, is jointly led by N Chandrasekaran, the Chairman of Tata Sons, and James Taiclet, the President and CEO of Lockheed Martin.

Since its reestablishment in December 2014, the forum has now convened for the eighth time, New Indian Express reported.

This crucial private sector advisory body plays a significant role in the India-US Commercial Dialogue, with 27 CEOs from both countries participating in it. The subsequent meeting is scheduled for early next year.

Goyal urged the industry to take advantage of platforms such as the Semiconductor Supply Chain and Innovation Partnership, Innovation Handshake, the India-Middle East-Europe Economic Corridor, and the Global Biofuels Alliance, and to seek out opportunities for collaboration.

The statement highlighted his recognition of the Forum members' contributions, which have steered the Government to implement tangible reforms. These reforms include the doubling of the export value threshold for courier customs clearance and the incorporation of a distinct e-commerce chapter in the Foreign Trade Policy.