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U.S. Treasury International Capital Data for May

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WASHINGTON, July 17 – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2025.  The next release, which will report on data for June 2025, is scheduled for August 15, 2025.

The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $311.1 billion.  Of this, net foreign private inflows were $333.2 billion, while net foreign official outflows were $22.1 billion.

Foreign residents increased their holdings of long-term U.S. securities in May; their net purchases were $318.5 billion.  Net purchases by private foreign investors were $287.5 billion, and net purchases by foreign official institutions were $31.1 billion.

U.S. residents increased their holdings of long-term foreign securities, with net purchases of $59.1 billion.

After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign sales of long-term securities are estimated to have been $259.4 billion in May.

Foreign residents increased their holdings of U.S. Treasury bills by $0.5 billion.  Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased by $10.3 billion.

Banks’ own net dollar-denominated liabilities to foreign residents increased by $41.4 billion.

Complete data are available on the Treasury website at https://home.treasury.gov

Record-Breaking U.S.-Africa Business Summit Yields $2.5 Billion in Deals and Commitments

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From June 22-25, more than 2,700 U.S. and African public and private sector leaders gathered for the 17th U.S.-Africa Business Summit, hosted by the Corporate Council on Africa and the President of Angola.  This year’s Summit marked a record turnout, including 12 African Heads of State.

The U.S. Delegation, led by Ambassador Troy Fitrell, Senior Bureau Official for African Affairs, included the senior-most officials advancing U.S. commercial engagement across Africa:

  • Massad Boulos, Senior Advisor for Africa 
  • Thomas Hardy, Acting Director, U.S. Trade and Development Agency
  • Constance Hamilton, Assistant U.S. Trade Representative for Africa
  • Connor Coleman, Head of Investments and Chief of Staff, U.S. International Development Finance Corporation
  • Tamara Maxwell, Senior Vice President for Small Business, Export-Import Bank of the United States  

The record turnout made clear that both U.S. and African leaders share a strong commitment to significantly expanding trade and investment.  The U.S. objective at the Summit was to secure key deals and commitments for U.S. companies and establish the conditions to boost U.S. exports and investment in Africa — advancing mutual prosperity in line with the Trump Administration’s Commercial Diplomacy Strategy for Africa.

Key Outcomes: $2.5 Billion in Deals and Commitments

During the Summit, more than $2.5 billion in new deals and commitments between U.S. and African partners were announced, reinforcing the United States’ prioritization of trade over aid in our approach to Africa – engaging Africans as peers and partners in investment-led growth.

Major Deals and Commitments for U.S. Companies: 

  • Amer-Con Corporation & Angolan Cargo and Logistics Certification Regulatory Agency   

A U.S. consortium led by Florida-based Amer-Con Corporation signed a Strategic Partnership Agreement with the Angolan Cargo and Logistics Certification Regulatory Agency to construct and operate 22 grain silo terminals along the Lobito Corridor. The project is backed by the U.S. Export-Import Bank and is expected to significantly enhance Angola’s food security and agri-logistics capacity. 

  • Cybastion & Angola Telecom 

U.S. technology firm Cybastion and Angola Telecom signed a $170 million investment deal to expand digital infrastructure and cybersecurity through Cybastion’s “Digital Fast Track” initiative, providing local training and modern infrastructure for Angola’s digital transformation. 

  • CEC Africa & AG&P 

CEC Africa Sierra Leone Ltd. signed a Memorandum of Understanding to develop West Africa’s first U.S.-sourced LNG terminal, in partnership with AG&P and backed by the U.S. International Development Finance Corporation. The terminal will power the 108MW Nant Power Project in Sierra Leone and enable affordable energy for industrial and household use in Sierra Leone. 

  • Ruzizi III Holding Power Company & Anzana Electric Group 

The Ruzizi III Holding Power Company signed an Invitation to Partner with U.S.-based Anzana Electric Group, paving the way for a 10% equity stake in a $760 million hydropower project spanning Rwanda and the DRC. The project will deliver reliable energy to 30 million people across the region and promote regional integration and stability. 

  • Ethiopia Investment Holdings and U.S. International Finance Partners  

Ethiopia Investment Holdings signed a Memorandum of Understanding with U.S. International Finance Partners to invest more than $200 million in the development of luxury hotels, branded residences, and related tourism infrastructure in Ethiopia. The agreement aligns with the development priorities of Ethiopian President Taye Atske Selassie, who witnessed the signing. 

  • Hydro-Link and the Government of Angola 

U.S. energy investor Hydro-Link signed an agreement with the Angolan Government to develop a $1.5 billion private transmission line connecting hydropower sites in Angola to critical mineral mines in the DRC. This 1,150-kilometer transmission corridor will enable the delivery of up to 1.2 gigawatts of reliable electricity from Angola’s Luaca plant and other hydroelectric facilities to the Kolwezi mining region in the DRC, supporting the region’s mining operations and energy needs.  

THE DEPARTMENT OF COMMERCE ANNOUNCES NEW AUTO PARTS TARIFF INCLUSIONS PROCESS

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WASHINGTON, D.C.— The U.S. Department of Commerce’s International Trade Administration (ITA) today released new procedures for including additional automobile parts articles to be subject to 25% tariffs under Section 232 tariffs on imported automobile parts. This program will strengthen the objectives of Section 232 tariffs to protect critical U.S. national security interests related to automobiles and automobile parts.  

Pursuant to President Donald J. Trump’s proclamation on March 26, 2025, the Department of Commerce has established a process by which domestic producers of automobile parts articles may request additional auto parts articles to be included in the scope of Section 232 tariffs on automobile parts. The established process will be published in the Federal Register. 

To ensure efficient resource use and to provide predictability to U.S. industry, ITA is establishing two-week submission windows four times annually each January, April, July, and October, with the first window opening July 1, 2025. ITA will review received requests on a rolling basis during the two-week submission window.

Following the two-week submission window, a non-confidential version of each valid request will be posted on regulations.gov and open for public comment for 14 days. This public review and comment phase will ensure a transparent, complete, and legally-robust process for final analysis and determination, including whether the product is an auto part article and whether increased imports of the article threaten to impair national security or Section 232 automobile tariff objectives. ITA will make a determination within 60 days of receiving the request. 

Submissions of inclusions requests must include (1) applicant identification, (2) description of requested auto part article, (3) eight or ten-digit HTSUS classification requested for tariff inclusion, (4) explanation of why the article is an auto parts article, (5) information on the domestic industry affected, (6) statistics on imports and domestic production, and (7) description of how and to what extent imports of the article have increased in a manner that threatens to impair national security or undermine Section 232 automobile tariff objectives. All submissions must be made via regulations.gov. 

Howard Lutnick Visits TSMC Arizona Fabrication Facility for Third Fab Ground Breaking

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April 29, U.S. Secretary of Commerce Howard Lutnick visited the Taiwan Semiconductor Manufacturing Company (TSMC) semiconductor fabrication facility in Phoenix, Arizona where the company broke ground on a third fab facility.

The visit highlights the Trump Administration’s renewed commitment to strengthening and expanding the golden age of American manufacturing. In the first 100 days, we at the Department of Commerce worked with industry leaders across the world to accelerate investment in the production of American-made goods ranging from aluminum to semiconductors.

Through the Investment Accelerator Program, Americans are already witnessing massive progress. TSMC Arizona’s third fab facility is one example of this. Their expansion will create cutting-edge chips that advance American artificial intelligence, data centers, and smartphones.

TSMC’s additional $100 billion investment is also expected to create 40,000 construction jobs over the next four years, tens of thousands of high-paying, high-tech jobs, and drive over $200 billion in indirect output across Arizona in the coming decade.

This demonstrates the growing importance of U.S.-based manufacturing and the critical role of public-private partnerships in solidifying America’s role as technological leader. Commerce will continue working at a historic pace to fulfill President Trump’s agenda and deliver on his promises.

U.S. Secretary of Commerce Howard Lutnick emphasized the importance of TSMC’s investments,

“We are at TSMC Arizona to celebrate the return of American manufacturing. President Trump’s bold leadership and clear direction are driving companies and jobs back to this country at a record pace.”

 TSMC Chairman and CEO Dr. C.C. Wei,

“We were delighted to welcome U.S. Secretary of Commerce Howard Lutnick to TSMC Arizona, the largest single foreign direct investment in U.S. history, and showcase the progress of our operation as he commemorates the first 100 days of the White House administration. As part of our commitment to support the needs of America’s leading innovators in smartphones, HPC and AI, we recently broke ground on our third fab, which will introduce more advanced semiconductor capacity to the United States. We are grateful for the Secretary’s commitment to supporting the advanced semiconductor manufacturing ecosystem.”

Tim Cook, Apple’s CEO also expressed support,

“We’re proud to support the high-skilled American jobs of tomorrow. As TSMC Arizona’s first and largest customer, we’re excited for the future of American innovation and the incredible opportunities it will create.”   

Jensen Huang, founder and CEO of NVIDIA,

“AI is revolutionizing every aspect of the technology stack, and NVIDIA AI supercomputers are at the foundation. We’re proud to produce our technology in Arizona, bringing AI infrastructure manufacturing back to America. The administration’s support for U.S. manufacturing makes this possible—and vital—for the next industrial revolution.”

Dr. Lisa Su, chair and CEO of Advanced Micro Devices (AMD),

“High-performance chips are essential to U.S. innovation and economic growth. As one of the first and largest HPC customers for TSMC’s Arizona Fab, we’re proud to begin production of our leadership 5th Gen AMD EPYC server processors later this year. This collaboration reflects our deep commitment to strengthening U.S. leadership in semiconductor design and advanced manufacturing.” 

Treasury Announces Agreement to Establish United States-Ukraine Reconstruction Investment Fund

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WASHINGTON — On April 30, the United States and Ukraine signed an agreement to establish the United States-Ukraine Reconstruction Investment Fund.  In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery.

Under the leadership of President Donald J. Trump, the Treasury Department and the U.S. International Development Finance Corporation (DFC) will work together with the Government of Ukraine to finalize program governance and advance this important partnership.

“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund,” said U.S. Secretary of the Treasury Scott Bessent. “As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war. This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term. President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.” 

Both the United States and the Government of Ukraine look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people. 

Secretary Lutnick Announces Speaker Lineup for 2025 SelectUSA Investment Summit

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Today, U.S. Secretary of Commerce Howard Lutnick announced the first wave of global business leaders, and U.S. Governors participating at the 2025 SelectUSA Investment Summit, scheduled for May 11-14 at the Gaylord National Resort and Convention Center in National Harbor, Maryland.

“President Trump’s America First Investment Policy is revitalizing our economy and making the United States of America the most attractive destination for foreign direct investment,” said Secretary Lutnick. “SelectUSA is an integral part of our Administration’s efforts to increase foreign investments across the country. We look forward to hosting the 2025 SelectUSA Investment Summit at the Gaylord Convention Center beginning on May 11th.”

Moreover, the United States was ranked today as the top destination for foreign direct investment for the 13th consecutive year, according to Kearney’s Global Business Policy Council’s 2025 Foreign Direct Investment (FDI) Confidence Index. The annual survey of global senior executives and investors found that the United States continues to maintain its lead ranking for 13 consecutive years thanks to the U.S. market’s technological innovation and constant economic growth and performance. For its part, SelectUSA has played an essential role in creating the environment that allows the United States to maintain the top position consistently.

Executive leadership from global businesses will participate as main stage speakers, including:

  • Ashley Magargee, Chief Executive Officer, Genentech
  • José Muñoz, President and CEO, Hyundai Motor Company

The Investment Summit is drawing robust state engagement, and several U.S. Governors will also participate, including:

  • Alaska Governor Mike Dunleavy
  • Illinois Governor JB Pritzker
  • Iowa Governor Kim Reynolds
  • Maryland Governor Wes Moore
  • Michigan Governor Gretchen Whitmer
  • New Jersey Governor Phil Murphy
  • North Carolina Governor Josh Stein
  • Oklahoma Governor Kevin Stitt
  • Puerto Rico Governor Jenniffer González-Colón
  • Virginia Governor Glenn Youngkin

The SelectUSA Investment Summit is a platform for new announcements by foreign investors detailing their expansion plans in the United States and economic development organizations (EDOs) spotlighting new investments in their local area. Last year’s SelectUSA Investment Summit brought together more than 5,000 participants, including EDOs representing all 56 U.S. states and territories and Washington, D.C., more than 2,500 business investors and delegates from over 90 international markets, and industry experts who provided insights and advice on how to successfully invest in the United States. The SelectUSA Investment Summit has directly helped generate more than $135 billion in new U.S. investment projects, supporting over 105,000 jobs across the United States and its territories.

A full list of confirmed speakers and the current agenda for the 2025 SelectUSA Investment Summit is available online at www.selectusasummit.us.

U.S. Trade Representative Issues Statement on President Trump’s Declaration of a National Emergency

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WASHINGTON, April 2 — Ambassador Jamieson Greer issued the following statement in support of President Donald J. Trump invoking the International Emergency Economic Powers Act (IEEPA) to impose responsive tariffs to address the national emergency driven by the absence of reciprocity in our bilateral trade relationships.

“Today, President Trump is taking urgent action to protect the national security and economy of the United States. The current lack of trade reciprocity, demonstrated by our chronic trade deficit, has weakened our economic and national security. After only 72 days in office, President Trump has prioritized swift action to bring reciprocity to our trade relations and reduce the trade deficit by leveling the playing field for American workers and manufacturers, reshoring American jobs, expanding our domestic manufacturing base, and ensuring our defense-industrial base is not dependent on foreign adversaries—all leading to stronger economic and national security.”

FY 2026 H-1B Cap Initial Registration Period Opens on March 7

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WASHINGTON, Feb 5 – U.S. Citizenship and Immigration Services (USCIS) announced that the initial registration period for the fiscal year 2026 H-1B cap will open at noon Eastern on March 7 and run through noon Eastern on March 24, 2025. During this period, prospective petitioners and representatives must use a USCIS online account to register each beneficiary electronically for the selection process and pay the associated registration fee for each beneficiary.

Prospective H-1B cap-subject petitioners or their representatives are required to use a USCIS online account to register each beneficiary electronically for the selection process and pay the associated $215 H-1B registration fee for each registration submitted on behalf of each beneficiary.

If you are an H-1B petitioning employer who does not have a USCIS online account, you will need to create an organizational account. If you are an H-1B petitioning employer who had an H-1B registrant account for the FY 2021 – FY 2024 H-1B registration seasons, but you did not use the account for FY 2025, your existing account will be converted to an organizational account after your next log in. First-time registrants can create an account at any time. You can find additional information and resources on the organizational accounts, including a link to step-by-step videos, on the Organizational Accounts Frequently Asked Questions page. These FAQs will be updated with FY 2026 information before the start of the initial registration period.

Representatives may add clients to their accounts at any time, but both representatives and registrants must wait until March 7 to enter beneficiary information and submit the registration with the $215 fee. Selections take place after the initial registration period closes, so there is no requirement to register on the day the initial registration period opens.

The FY 2026 H-1B cap will use the beneficiary-centric selection process launched in FY 2025. Under the beneficiary-centric process, registrations are selected by unique beneficiary rather than by registration. If we receive registrations for enough unique beneficiaries by March 24, we will randomly select unique beneficiaries and send selection notifications via users’ USCIS online accounts. If we do not receive registrations for enough unique beneficiaries, all registrations for unique beneficiaries that were properly submitted in the initial registration period will be selected. We intend to notify by March 31 prospective petitioners and representatives whose accounts have at least one registration selected.

The U.S. Department of Treasury has approved a temporary increase in the daily credit card transaction limit from $24,999.99 to $99,999.99 per day for the FY 2026 H-1B cap season. This temporary increase is in response to the volume of previous H-1B registrations that exceeded the daily credit card limit.  Transactions more than $99,999.99 may be made via Automated Clearing House (ACH). Use of ACH may require the payor to alert their bank in advance to remove any potential ACH block on their account. We will provide additional information before the start of the initial H-1B registration period.

An H-1B cap-subject petition, including a petition for a beneficiary who is eligible for the advanced degree exemption, may only be filed by a petitioner whose registration for the beneficiary named in the H-1B petition was selected in the H-1B registration process. Additional information on the electronic registration process is available on the H-1B Electronic Registration Process page.

Organizational Account Enhancements for FY 2026

For FY 2026, we have made multiple enhancements for organizational and representative accounts for H-1B filing. These enhancements include:

  • The ability for paralegals to work with more than one legal representative. A paralegal will now be able to accept invitations from multiple legal representative accounts, allowing them to prepare H-1B registrations, Form I-129 H-1B petitions, and Form I-907 requests for premium processing for different attorneys, all within one paralegal account;
  • An easier way for legal representatives to add paralegals to company clients.
  • Pre-population of certain Form I-129 fields from selected H-1B registrations; and
  • The ability to prepare a spreadsheet of H-1B beneficiary data and upload the information to pre-populate data in H-1B registrations. 

These enhancements will be live before the start of the initial registration period.

Secretary Raimondo and Minister Goyal Convene 6th U.S.-India Commercial Dialogue Meetings

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Today, U.S. Secretary of Commerce Gina Raimondo and Indian Minister of Commerce and Industry Piyush Goyal convened the 6th ministerial level meeting of the U.S.-India Commercial Dialogue (Commercial Dialogue). The Secretary and the Minister took stock of the following achievements since the 5th ministerial meeting took place in March 2023 in New Delhi, India:

  • Semiconductor Memorandum of Understanding (MOU): The Secretary and the Minister praised the two sides’ continuing efforts to facilitate resilient, secure, and sustainable semiconductor supply chains. Since the signing of the MOU Establishing Semiconductor Supply Chain and Innovation Partnership under the Framework of the U.S.-India Commercial Dialogue, the U.S. Semiconductor Industry Association and the India Electronics Semiconductor Association have completed their private sector “readiness assessment,” launched under the U.S.-India initiative on Critical and Emerging Technology to identify near-term industry opportunities and facilitate longer-term strategic development of complementary semiconductor ecosystems. The Secretary and the Minister pledged to continue working under the MOU to facilitate collaboration between U.S. and Indian companies towards mutually beneficial business opportunities, such as investments, joint ventures, and technology partnerships; and to promote talent and workforce development to benefit both countries.
  • Innovation Handshake MOU: The Secretary and the Minister welcomed the success of the two roundtables convened in November 2023 in San Francisco and March 2024 in New Delhi, bringing the two countries’ startup ecosystems closer together and carrying forward their ambitions under the MOU to Enhance Innovation Ecosystems through an Innovation Handshake under the Framework of the U.S.-India Commercial Dialogue.
  • U.S.-India Energy Industry Network (EIN): The Secretary and the Minister praised the work done on the EIN Roundtable organized during the Clean EDGE and Environmental Technologies Business Development Mission in March 2024 in New Delhi. The trade mission brought 12 U.S. companies to India to help grow sustainable and secure clean energy markets and accelerate the adoption of environmental solutions in India. Views exchanged during the EIN Roundtable helped to inform the U.S.-India Strategic Clean Energy Partnership (SCEP) Ministerial convened by the U.S. Secretary of Energy and the Indian Minister of Petroleum and Natural Gas on September 16, 2024, in Washington.
  • Indo-Pacific Economic Framework for Prosperity (IPEF): The Secretary and the Minister also commended the significant progress announced at the recent virtual IPEF ministerial meeting in September, including the work being done to improve supply chain resilience under the IPEF Supply Chain Agreement for the IPEF partners. They highlighted their commitment to collaborate initially in the critical areas of semiconductors, chemicals, critical minerals with a focus on batteries, and potentially healthcare products, as agreed to by the IPEF Supply Chain Council.

The Secretary and the Minister also reviewed other joint efforts that have been made, including under the India-U.S. Strategic Trade Dialogue and the Standards and Conformance Cooperation Program (SCCP). Looking ahead, they discussed the following priorities for future collaboration:

  • Critical Minerals MOU: The Secretary and the Minister reaffirmed that supply chain resilience remains a shared policy priority for the bilateral commercial relationship. On October 3, they signed a new MOU to Expand and Diversify Critical Minerals Supply Chains, with the aim of leveraging the two countries’ complementary strengths to ensure greater resilience in the critical minerals sector. Priority areas of focus include identifying equipment, services, policies, and best practices to facilitate the mutually beneficial commercial development of U.S. and Indian critical minerals exploration, extraction, processing and refining, recycling, and recovery.
  • INDUS Innovation: The Secretary and the Minister launched a new effort under the Innovation Handshake agenda to accelerate innovation specifically in energy security, technology, and sustainability. To leverage the complementary strengths of the United States and India, as the #1 and #3 largest startup ecosystems in the world, the U.S. Department of Commerce and Indian Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, intend to invite startup companies, investors, and technology thought leaders to come together in 2025 in search of breakthrough solutions to advance “INDUS Innovation for Energy Security, Technology and Sustainability.” Targeted problem sets and other details will be announced in the coming months.
  • Supporting Women-Owned and Small- and Medium-Sized Enterprises (SMEs): The Secretary and the Minister looked forward to the U.S. Department of Commerce-led Global Diversity Export Initiative Trade Mission to India in early March 2025, with a focus on expanding opportunities in the Indian market for U.S. SMEs that are owned, operated, or led by members of underserved communities. The trade mission will commence in Bengaluru with an “Export Markets Providing Opportunities for Women’s Economic Rise (EMPOWER) Asia Business Conference” seeking to provide networking, mentorship, and digital skilling resources geared towards U.S. and Indian business leaders so that they can thrive in increasingly competitive and digitized markets.
  • Expanding Startup and SME Resources in Bengaluru: The Secretary and the Minister applauded plans to expand the U.S. Department of Commerce’s presence in India to a total of about 70 Foreign Commercial Service staff across seven cities. In Bengaluru, where the State Department is planning to open a new U.S. consulate, a new position will be created to serve as a one-stop resource for U.S. and Indian startups and SMEs and to help advance the two sides’ plans for an SME Presidents Forum to explore greater SME engagement, sharing of best practices, peer learning, support for women entrepreneurs and women-owned businesses, green technology, access to digital market platforms, and integration into global value chains.
  • Travel and Tourism: The Secretary and the Minister applauded the work plan established by the Travel and Tourism Working Group under the Commercial Dialogue as a significant step towards strengthening collaboration between India and the United States in the travel and tourism sector. Through a series of joint activities such as working group meetings, business matchmaking events, data exchanges, and outreach programs, both countries intend to work closely to boost two-way travel and improve industry coordination, thereby contributing to economic growth and job creation while deepening the overall U.S.-India relationship.
  • Healthcare: The Secretary and the Minister acknowledged the need for and expressed a shared interest in greater information exchange about their respective government’s actions to address supply chain networks that underpin domestic pharmaceutical manufacturing capabilities, with a view towards strengthening the current state of the Active Pharmaceutical Ingredients (API) industrial base, production capacities, and emergency response capabilities.

The Secretary and Minister underscored the importance of the Commercial Dialogue in sustaining momentum on shared economic priorities. They expressed a shared interest in exploring collaboration, based on mutual trust and confidence, in new and emerging areas of technology and trade, in addition to continuing ongoing work in other sectors under the framework of the Commercial Dialogue, to improve supply chain resilience and boost economic prosperity in both countries. Towards that end, they confirmed their intention to convene in 2025 a mid-year review led by senior government officials from both sides. The mid-year review will allow each side to carry forward the above priorities identified under the Commercial Dialogue, implementing a roadmap based on the Secretary’s and the Minister’s economic vision and ensuring robust private sector engagement to inform ongoing efforts.

Finally, the Secretary and the Minister welcomed the reconvening of the U.S.-India CEO Forum on October 2, 2024, in Washington, D.C. Both sides noted with appreciation the valued contributions of the U.S. and Indian Section CEOs and their joint recommendations to the two governments, covering a wide range of topics. These recommendations serve to guide policy decisions that strengthen bilateral commercial and trade ties, drive economic growth and innovation, and foster a resilient bilateral partnership.

Secretary Raimondo and Minister Goyal Co-Chair 2024 U.S.-India CEO Forum

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Today, the United States hosted the 6thmeeting of the U.S.-India CEO Forum, which was co-chaired by U.S. Secretary of Commerce Gina Raimondo and Minister of Commerce and Industry of India Piyush Goyal. The U.S.-India CEO Forum is a platform that convenes leaders of the U.S. and Indian business communities to develop and provide joint recommendations to strengthen bilateral commercial ties and expand trade and investment between India and the United States.

During the meeting, U.S. and Indian government representatives and CEO Forum members reaffirmed their commitment to expanding bilateral commerce and trade, driving inclusive economic growth and innovation, and fostering a resilient bilateral partnership.

The Secretary and the Minister thanked Mr. James Taiclet, President and Chief Executive Officer, Lockheed Martin, and Mr. N. Chandrasekaran, Chairman, Tata Sons, for their leadership as Private Sector Co-Chairs from 2023–2024. They noted, with appreciation, the recommendations made by the Forum members over the past two years and their respective initiatives.

They also took stock of the Forum’s accomplishments, including the launch of the publicly accessible Network for Innovation and Harnessing Investments and Trade for Inclusive Growth between the United States and India (NIHIT) Platform to facilitate online knowledge sharing and networking among U.S. and Indian startups and small businesses. To date, NIHIT has organized four workshops to promote capacity building and skilling in cybersecurity, digital technologies, and AI, which have been attended by over 1,000 startups, small businesses, and entrepreneurs.

CEO Forum members, which represent a total of 22 U.S. companies and 25 Indian companies, have also made a series of recent announcements demonstrating their commitment to advancing U.S.-India commercial engagement:

  • Lockheed Martin and Tata Advanced Systems Limited’s recent signing of a teaming agreement on the C-130J Super Hercules aircraft. The agreement creates a framework to (1) establish a new maintenance, repair, and overhaul facility in India to support the Indian Air Force’s (IAF) fleet and other global fleets of C-130J Super Hercules aircraft; and (2) expand the manufacturing and assembly of these aircraft in India to support the IAF’s Medium Transport Aircraft program.
  • Kyndryl Inc.’s collaboration with Indian microfinancier CreditAccess (CA) Grameen to deliver advanced technology services needed to digitize and transform CA Grameen’s microloan processing business, enabling more than 2 million women borrowers to have easy and fast access to credit in rural India.
  • Amneal Pharmaceutical’s announcement this week of the launch of medicines in several new therapeutic areas and the groundbreaking of a state-of-the-art peptide manufacturing facility in Ahmedabad, India.
  • Honeywell International’s delivery and commissioning in September of a 1.4 MWh Battery Energy Storage System (BESS) for the Solar Energy Corporation of India’s project on the Lakshadweep Islands, which is India’s first on-grid solar initiative using BESS to manage the supply of renewable power.
  • Pfizer’s launch in September of its first commercial analytics center in India, called the “Analytics Gateway,” which will harness AI and best-in-class data science to improve Pfizer’s analytics of international markets and help it deliver more of its medicines to patients in need in India and around the world.
  • Viasat’s MOU on Space Collaboration, signed in September with the Government of India, to set a roadmap for collaboration on the development of next-generation space technologies between the two parties to deliver high-speed and high-capacity internet services to users in India and internationally.

Otis Worldwide’s groundbreaking in August of an expansion to its manufacturing facility in Bengaluru, India. The expansion will double the company’s current escalator production capacity and help it further support metro projects and other residential, commercial and infrastructure development throughout India through the sale of elevators and escalators.