India indispensable partner for supply chains: United States Secretary of the Treasury

WASHINGTON:Friendshoringisan important foundation for global supply chain resilience, in which India is an indispensable partner, US Treasury Secretary Janet Yellen said recently, adding that American companies are investing in manufacturing in India for exportstotheUS.

“I will use this trip to deepen what was already a very significant relationship with respect to friendshoring with the United States,” Yellen said here at the G20 meeting of Finance Ministers and Central Bank Governors.

The US is India’s largest export market. Bilateral trade between the two countries exceeded $191 billion in 2022, nearly double of that in 2014.

“The behaviour by the private sector is really an important part of friendshoring. You’re seeing continued advancements of investments in India by private firms that are seeking to produce and export to the US,” Yellensaid.

Recently, electric car maker Tesla said it is exploring an investment proposal to set up a factory in the country. It will likely set up its supply chainecosystem.

India has been highlighting opportunitiesavailableinthecountryto relocate companies from China not just as a captive market, but also as a potential hub serving the region by becomingakeysupplychainpartner.

Speaking about her priorities in the G20 meeting, Yellen said she would focus on debt distress in emerging markets and developing countries, multilateral development bank evolution, support for Ukraine, and the globaltaxdeal.

“Thisweek,Iwillcontinuetopushfor full and timely participation of all bilateral official creditors on pending debt restructuring cases. I was pleased by last month’s progress on Zambia, which I discussed with my Chinese counterpartslastweek,”shesaid.