June 13, 2023


SECRETARY RAIMONDO: Thank you to Ambassador Keshap and the U.S.-India Business Council for inviting me to participate in this year’s India Ideas Summit. I’d like to start by applauding the U.S. and Indian member companies in the audience for the ideas, solutions, and partnerships that make our bilateral relationship so robust. You are the engines driving U.S.-India commercial relations. In March, I had the honor of traveling to New Delhi to convene meetings of the CEO forum and the U.S.-India commercial dialogue with Minister Goyal. I especially enjoyed being able to play Holi while I was there, it was a fantastic experience, and a great way to learn about an important part of India’s culture. My visit gave me even more optimism about the strength of the U.S. - India relationship.  

Together, Minister Goyal and I are focused on the development and security of critical and emerging technology. Semiconductors are essential to this effort and the MOU that Minister Goyal and I signed in March will bring our two sides closer together as we both respond to the urgent need to create stronger and more secure semiconductor supply chains. During the commercial dialogue we also announced a new working group that will leverage our robust trade and investment relationship as well as our shared spirit of entrepreneurship, to promote innovation and grow jobs, especially in emerging technologies. We’re aiming to lift-up and connect our dynamic innovation ecosystems, address regulatory hurdles to cooperate and further bolster our shared vision of an elevated strategic technology partnership.   

We’re also delighted to be working with India as part of the Indo-Pacific Economic Framework. IPEF is the administration’s overarching framework for deepening economic cooperation in the Indo-Pacific region. Last month, we announced the substantial conclusion of a first-of-its-kind international agreement on supply chains. Through the proposed agreement, the IPEF partners will seek to increase the resilience, diversity, and security of our supply chains through individual and collective actions.  

Looking ahead, as many of you know, on June 22, President Biden will host Prime Minister Modi for an official state visit to the United States. This will be an opportunity to elevate our governments’ commercial and strategic technology partnerships, including in defense, semiconductor supply chains, clean energy, and space. I’m excited to continue working with you all to strengthen the U.S.-India relationship in the years to come.