Piyush Goyal Urges Indian Diaspora in Germany to Drive Investments
Union Minister Piyush Goyal calls on overseas Indians in Berlin to act as a living bridge for investments and exports between India and Germany.
Union Commerce and Industry Minister Piyush Goyal has called upon the Indian diaspora in Germany to leverage their professional networks and local expertise to accelerate investments and expand India's global business footprint. Speaking to the Indian community in Berlin, the Minister emphasized that overseas Indians are uniquely positioned to act as a "living bridge," helping Indian enterprises secure export orders and service contracts in international markets.
Building a Global Economic Bridge
Minister Goyal highlighted that India is aggressively pursuing a strategy to enhance its economic engagement worldwide. This involves the pursuit of free trade agreements and the forging of robust geopolitical and economic partnerships to solidify India's standing in the global economy.
While discussing the nation's growth trajectory, Goyal noted that India possesses immense potential to scale up its manufacturing capabilities and further strengthen its services sector. However, he stressed that government policy alone isn't enough to drive this growth.
“We cannot manufacture ambition. That ambition, that drive will have to come from the people,” the minister remarked, pointing to the critical role of capital, knowledge, and experience that the diaspora can provide.
Proposed Trade Hub for Small Businesses
During the interaction, a proposal was raised to establish an Indian International Trade Hub in Germany, designed to help small-scale Indian businesses reach European consumers more effectively. Minister Goyal responded positively, suggesting that the government could support the creation of a professionally managed overseas warehouse.
He clarified the government's role in this initiative:
- The government would not establish the warehouse directly.
- Support would be extended if an industry or community association took responsibility for its management.
- The facility would allow exporters to store goods locally in Germany to facilitate faster sales.
- Clear frameworks for insurance, financing, safety, and security must be established.
- The association must ensure fair and equitable access for all exporters.
The Power of Private Sector Participation
Drawing a parallel with the success of India's information technology sector, Goyal argued that private-sector participation is the cornerstone of economic prosperity. He noted that the IT industry flourished because the government operated as a facilitator rather than an interferer, a model he believes should be applied to other sectors of growth.
Strengthening Bilateral Ties
Adding to the economic context, India's Ambassador to Germany, Ajit Vinayak Gupte, revealed that bilateral trade between the two nations has hit a record high of USD 53 billion. He also shed light on the growing influence of the Indian community in Germany, which now exceeds 332,000 people.
Ambassador Gupte praised the diaspora for their significant contributions to finance, technology, and science, noting that their presence continues to deepen both commercial ties and people-to-people connections between India and Germany.