Investing in India can rarely go wrong: Piyush Goyal at 27th WIC

Invest India, the National Investment Promotion and Facilitation Agency of the Government of India, and the current President of the World Association of Investment Promotion Agencies (WAIPA), under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT), hosted the 27th World Investment Conference (WIC) from December 11-14, 2023, at the India International Convention & Expo Centre – Yashobhoomi, New Delhi. This year’s conference was themed – Empowering Investors: IPAs Pioneering Future Growth.

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal delivered the keynote address on the Role of Trade and Investment in the Decade of Action on December 13, 2023.

 Addressing the event, Shri Piyush Goyal said, “We have laid a strong foundation over the last few years to enable India to become one of the fastest growing economies in the world. The Indian economy has been built on strong macroeconomic fundamentals. We have a population of 1.4 billion people largely composed of youth with an average age of 28.4 years and this is expected to remain under 30 for the next 30 years and add USD 30 trillion to the economy in that period.”

 Inviting global leaders to make India a part of the resilient and inclusive global value chains, he added, “Green economy and sustainability are at the core of all the various activities that we are undertaking and I'm very confident that an investment made in India can very rarely, if at all, go wrong.”

During the event, Shri Goyal launched the Experience India Centre (EIC), showcasing the best of India’s offerings across services, technology, and products through a variety of technologies, including virtual reality, augmented reality, interactive touch screens, and projection mapping. EIC showcased installations from startups including Niftem, Uneko, Nirvana, Chhoti Si Asha, and Sanajing Sena among others to showcase India’s unique investment potential to the world.

 Speaking about EIC, Shri Goyal said “We are working on a plan to make in India for the world. We are looking at India going global. Looking at local but also wish to see local go global.” He invited all delegates to look at the large investment opportunity that India provides through the Experience India Center and stated, “What we offer is a guarantee for fair competition, equal treatment, public interest and transparency over everything else, and ease of doing business.” Shri Goyal emphasized India’s vast domestic demand coupled with strong export potential as key drivers of its economic growth.

Ismail Ersahin, CEO & Executive Director, WAIPA, and Nivruti Rai, MD & CEO, Invest India & President, WAIPA also made special addresses at the event. Speaking about Digitisation and India’s WAIPA presidency, Nivruti Rai said, “In a world of digitisation, we should be able to build prototypes and electronics from functional electronics. It is the time now for India and all WAIPA countries to not be known as consumption and software driven, but hardware driven”.

 The event also saw participation from Indian and International dignitaries including Rajesh Kumar Singh, Commerce Secretary, Govt of India, Matthew Stephenson, Head, Investment and Services, World Economic Forum (WEF), Mona Haddad, Global Director For Trade, Investment, and Competitiveness, World Bank, Gunther Beger, Managing Director, Directorate for SDG Innovation & Economic Transformation, United Nations Industrial Development Organization (UNIDO) Helene Budliger Artieda, Swiss State Secretary for Economic Affairs. HE Ibrahim Al Mubarak, Assistant Minister of Investment, Kingdom of Saudi Arabia, Manuella Santos, Minister for Investment Promotion, Toga, Dr. Eloisa Klementich, Incoming Chair, International Economic Development Council (IEDC) & President and Chief Executive Officer of Invest Atlanta.At #WICTalks, Smt. Sumita Dawra, Special Secretary, DPIIT addressed delegates from around the world and presented the PM Gati Shakti Scheme, and Ease of Doing Business in India. #WICTalks also witnessed addresses by Vrinda Kapoor, CEO, 3rdiTech and Sanjeev Bikhchandani, Founder and Executive Vice Chairman, Info Edge.

 Spanning over four days, the event witnessed participation from more than 1,000 attendees, over 50 Investment Promotion Agencies (IPAs) across 70 countries, and various multilateral agencies including UNCTAD, WEF, WBG, UNESCAP, UNIDO and WAIPA among others. The WIC hosted conversations around democratizing electronics, supply chain, sustainable FDI, and India’s investment potential.

Many countries including Kuwait, Mauritius, UAE (represented by Sharjah), Azerbaijan, Madagascar and Armenia installed their exhibits showcasing investment opportunities offered by the respective countries. Indian states including Kerala, Andhra Pradesh, and Rajasthan also showcased their investment potential at WIC.