Piyush Goyal asks Indian diaspora in Germany to drive investments

Piyush Goyal calls on Indian diaspora in Germany to drive investments, boost India's global business reach

New Delhi, October 23

Addressing members of the Indian community in Berlin, Goyal said overseas Indians could serve as a "living bridge" between India and Germany by helping Indian businesses access international markets and establish commercial partnerships.

He said India was working to expand its economic engagement with other countries through free trade agreements and stronger economic and geopolitical partnerships, with the aim of increasing trade and strengthening the country's position in the global economy.

Goyal said India had the potential to expand its manufacturing scale and strengthen its services sector, adding that the country's growth ambitions would require contributions from people both within India and abroad.

"We cannot manufacture ambition. That ambition, that drive will have to come from the people," the minister said, highlighting the role of knowledge, capital, networks and experience that the Indian diaspora could bring to the country's growth.

Responding to a proposal for an Indian International Trade Hub in Germany to help small businesses reach European customers, Goyal said the government could support the creation of an overseas warehouse managed professionally by an industry or community association.

He said such a facility could allow Indian exporters to store goods in Germany and facilitate their sale in the local market, provided clear arrangements were made for financing, insurance, safety and security.

The minister said the government could not directly establish such a warehouse but could extend support if an association took responsibility for its management and ensured fair access for exporters.

Goyal also said private-sector participation was essential for economic growth, citing India's information technology industry as an example of how businesses could flourish when the government acted as a facilitator without excessive interference.

India's Ambassador to Germany Ajit Vinayak Gupte said bilateral trade between the two countries had reached a record USD 53 billion. He also highlighted the growing Indian community in Germany, which has crossed 332,000 people, and its contribution to science, technology, finance and other sectors.

Gupte said the diaspora continued to play an important role in strengthening commercial and people-to-people ties between India and Germany.

— ANI