Piyush Goyal Announces Plans to Open Overseas Offices to Facilitate Foreign Investment in India
Commerce and Industry Minister Piyush Goyal revealed plans to open offices in several countries over the next few months to assist foreign investors interested in exploring business opportunities in India. The announcement was made during the inauguration of the first such office in Singapore, a significant move aimed at deepening India’s global investment partnerships and making it easier for international investors to engage with India’s rapidly growing economy.
The Singapore office, established under Invest India – the national agency responsible for promoting investments into India – will act as a dedicated point of contact for companies in the region looking to invest in the country. This office is intended to foster collaboration across various sectors and provide hands-on guidance to businesses interested in the Indian market.
In a statement, the Commerce and Industry Ministry emphasized the importance of this initiative, stating, “The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors.” This move underscores India’s commitment to enhancing foreign investment by providing a seamless experience for global businesses seeking entry into one of the world’s fastest-growing economies.
At the event, Minister Goyal stressed that Singapore has long been a strategic partner for India, with economic cooperation between the two countries deepening over the years. “This office marks a new chapter in India’s efforts to strengthen economic cooperation with Singapore and the broader ASEAN region,” he stated.
Goyal also noted that Singapore is a crucial gateway for international investment into India. In the fiscal year 2023-24, India attracted USD 11.77 billion in foreign direct investment (FDI) from Singapore, making it the largest source of FDI for India. Since 2018-19, Singapore has consistently been the top source of FDI into India, overtaking traditional hubs like Mauritius. In the previous fiscal year, India received its highest foreign investments from Mauritius, a reflection of the growing importance of Singapore as a financial center for global investors looking to expand into Asia.
Rumki Majumdar, an economist at Deloitte India emphasized this point, noting that “as one of the world’s prominent financial hubs, Singapore attracts global investors who want to invest in Asia.” This makes Singapore an ideal location for India’s first overseas Invest India office.
The new office in Singapore is designed to help investors navigate the complexities of entering the Indian market. It will provide a range of services, including information on foreign investment opportunities, legal and regulatory frameworks, and potential partnerships with Indian companies. The office will also offer support for ongoing projects and help resolve issues that foreign investors may face in the country.
“The Invest India office will facilitate, as a one-stop shop, the businesses’ approach and participation in Indian prosperity,” said Goyal. He highlighted India’s ambitious industrialization plans, including significant developments in industries such as semiconductors and shipbuilding, which are expected to attract substantial foreign investment in the coming years.
Goyal further noted that India’s dynamic and evolving economy continues to be an attractive destination for global investors. Despite global economic uncertainties, investments into India have remained robust, thanks to its vast market potential, skilled labor force, and pro-investment government policies. With initiatives like the Production-Linked Incentive (PLI)scheme, which aims to boost manufacturing in key sectors, India has positioned itself as a key player in the global supply chain.
The Singapore office is just the first of many. According to Goyal, India plans to open more Invest India offices in several other major global financial hubs, including the United States, United Kingdom, Germany, UAE, Mauritius, Cayman Islands, and Cyprus. These offices are part of a broader strategy to provide global investors with direct access to the Indian market and ensure that they have all the tools and support necessary to succeed.
This global network will focus on enhancing bilateral foreign investment flows, identifying potential sectors for collaboration, and creating more investment-friendly environments in India. “We plan to open more overseas Invest India offices in the coming months with an aim to provide global investors seamless access to India’s dynamic and growing economy,” Goyal stated.
India has been witnessing a significant rise in foreign investments, driven by strong inflows in sectors like services, computer software, telecommunications, and pharmaceuticals. According to government data, FDI in India surged by 47.8% to USD 16.17 billion in the first quarter of the fiscal year 2023-24 (April to June), reflecting the growing confidence of global investors in the Indian market.
India’s robust performance in attracting foreign capital is a result of several factors, including its stable political environment, improving ease of doing business, and large consumer market. The country’s expanding digital infrastructure and focus on innovation have also contributed to its growing appeal among international investors.
The opening of the foreign Investment India-Singapore office is a major step toward realizing India’s vision of becoming a global investment hub. By offering direct assistance to foreign investors, the office will help bridge the gap between global businesses and India’s vast market potential. With more offices set to open in other key regions, India is well on its way to further strengthening its ties with the global investment community.
As the world continues to evolve, India remains a prime destination for investors seeking growth opportunities, and initiatives like these will ensure that foreign businesses have the support they need to succeed in the Indian market.