Piyush Goyal Urges Canadian Firms to Make India a Global Manufacturing Hub
Goyal said nearly 300 delegates had accompanied Canada's Minister of International Trade, Maninder Sidhu, to India, reflecting the potential for deeper engagement and stronger partnerships
Union Commerce and Industry Minister Piyush Goyal has urged Canadian businesses to use India as a manufacturing, innovation and design base to serve global markets, highlighting the country's talent pool and expanding preferential trade access as opportunities for companies seeking to strengthen their competitiveness.
Addressing a trade reception in Mumbai during the Team Canada Trade Mission to India, Goyal called on Canadian companies to look beyond India's domestic market and explore its potential as a production and export base for other regions.
“Please don't make India just your market. Make it also your manufacturing base, your base for innovation and design,” Goyal said, adding that businesses could improve their competitiveness by using India to reach markets across Asia, Africa and Latin America.
He said India had opened up preferential market access covering around USD 70 trillion of global gross domestic product (GDP) through its free trade and preferential trade agreements.
Goyal added that India was engaging with eight other countries or groups over the next 12 to 18 months, which could expand market access by another USD 15 trillion in GDP.
“Out of a global GDP of 115 trillion dollars, India would have preferential market access to a GDP of roughly 85 trillion from here,” he said, highlighting opportunities for businesses producing goods and services in India.
He said companies could benefit from preferential market access while leveraging India's manufacturing capabilities, workforce and skills to expand their presence in international markets.
Goyal also urged businesses from both countries to begin commercial engagements without waiting for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA) to be finalised.
“Let's start doing business ahead of the finalization of our trade negotiations,” he said, adding that early business engagement could help companies prepare to benefit from the eventual agreement and enable negotiators to develop a more effective arrangement.
In a post on X, Goyal said nearly 300 delegates had accompanied Canada's Minister of International Trade, Maninder Sidhu, to India, reflecting the potential for deeper engagement and stronger partnerships.
“By combining India's scale, manufacturing capabilities & talented workforce with Canada's strengths in technology, resources & innovation, we can create more resilient supply chains and unlock opportunities for businesses in both countries,” he said.
Goyal's remarks come as both countries seek to expand trade and investment ties, with the proposed CEPA expected to provide a framework for deeper economic cooperation.