Business News | Global Firms Look to India for Growth as Semiconductor Expansion and Trade Gains Beckon
Get latest articles and stories on Business at LatestLY. Global companies see India’s expanding manufacturing base and improving trade opportunities as drivers of business growth, with semiconductor maker Nexperia planning to double its revenue in the country over the next few years and DEPT expecting the proposed India-UK free trade agreement to ease business operations.
The Hague [Netherlands], October 27 (ANI): Global companies see India’s expanding manufacturing base and improving trade opportunities as drivers of business growth, with semiconductor maker Nexperia planning to double its revenue in the country over the next few years and DEPT expecting the proposed India-UK free trade agreement to ease business operations.
Speaking to ANI during Union Commerce and Industry Minister Piyush Goyal's visit to the Netherlands, Nexperia Interim CEO Stefan Tilgner said the company had signed a joint agreement with Tata to work on semiconductor development and manufacturing, while committing to triple its existing footprint in India within the next five years.
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“We expect our company to double our revenue in India basically in the next few years and we have also commitments in place to actually triple our current existing footprint in the coming five years,” Tilgner said.
He said India’s economic growth, particularly in the automotive sector, presented significant opportunities for Nexperia. Automotive accounts for more than half of the company’s total business, while energy infrastructure, data centres and other applications could offer additional avenues for expansion.
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Tilgner also highlighted the government’s semiconductor strategy, support for manufacturing investment and the emergence of raw material suppliers as factors relevant to the sector. He said India’s talent pool was another advantage at a time when skilled talent was becoming scarce in several other countries.
“We see certainly that the announced semiconductor strategy 2.0 is very important for us as a semiconductor company,” he said.
Separately, Dimi Albers, Global CEO of DEPT, said the proposed India-UK free trade agreement could help businesses grow by making interactions across supply chains easier and reducing regulatory barriers.
“I think we are all here to grow our business and this allows us to do that better, right?” Albers said, adding that easier movement of people and products would support business expansion.
Albers, who met Goyal, described the interaction as valuable for companies looking to expand their presence in India. He said the discussion brought together businesses interested in contributing to their own growth as well as the Indian economy.
Together, the remarks highlight how India's manufacturing growth and prospects for easier cross-border trade could create new opportunities for global businesses. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)