Piyush Goyal announces new overseas offices to assist global investors
SINGAPORE : Union Commerce and Industry Minister Shri Piyush Goyal announced plans to establish offices in various countries to support global investors seeking opportunities in India. This initiative aims to streamline the investment process and enhance India’s attractiveness as a destination for global capital.
Inauguration of the Invest India Singapore Office
The first of these offices, under the auspices of Invest India—the national agency dedicated to promoting investment—was inaugurated by Goyal in Singapore. This office will serve as a dedicated contact point for companies in the region looking to invest in India, thereby fostering collaboration across various sectors.
The establishment of the Singapore office is a testament to India’s commitment to strengthening investment partnerships and simplifying the engagement process for global investors. According to a statement from the commerce and industry ministry, “The Singapore office will act as a dedicated point of contact for companies from the region looking to invest in India.”
Importance of the Singapore Office
The Singapore office also includes the National Industrial Corridor Development Corporation Ltd, highlighting the strategic economic initiatives that are being undertaken. Goyal emphasized that Singapore is a vital partner for India and that this office represents a new chapter in enhancing economic cooperation, not only with Singapore but also with the broader ASEAN (Association of Southeast Asian Nations) region.
New Expansion Plans
Minister Goyal stated, “We plan to open more overseas Invest India offices in the coming months with the aim to provide global investors seamless access to India’s dynamic and growing economy.” The opening of the Singapore office is particularly significant, as India received the highest foreign direct investment (FDI) from Singapore in the fiscal year 2023-24, attracting USD 11.77 billion.
Since 2018-19, Singapore has been the largest source of FDI for India, surpassing previous leaders like Mauritius, which dominated in 2017-18. Other major sources of FDI include the US, UK, UAE, Cayman Islands, Germany, and Cyprus.
Emphasizing Industrial Growth
During the inauguration, Goyal highlighted India’s ambitious plans for industrial growth, mentioning key sectors such as semiconductor manufacturing and shipbuilding. He noted that investments are flowing into India due to its robust economic framework, and the Invest India office will serve as a one-stop solution for businesses looking to engage with the Indian market.
- New Offices Planned: Piyush Goyal announced plans to open Invest India offices abroad to assist foreign investors.
- Singapore Office Inaugurated: The first office in Singapore will serve as a key contact point for potential investors.
- FDI from Singapore: India attracted USD 11.77 billion in FDI from Singapore in 2023-24, making it the largest source of foreign investment.
- Future Expansions: Additional Invest India offices are planned to enhance global investor access to the Indian economy.
- Rising FDI: FDI in India rose by 47.8% in the April-June quarter, driven by investments in key sectors.
This initiative takes India’s proactive approach in courting foreign investments and enhancing its global economic presence.