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Global companies see Indias 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. 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 Indias economic growth, particularly in the automotive sector, presented significant opportunities for Nexperia. Automotive accounts for more than half of the companys total business, while energy infrastructure, data centres and other applications could offer additional avenues for expansion. Tilgner also highlighted the governments semiconductor strategy, support for manufacturing investment and the emergence of raw material suppliers as factors relevant to the sector. He said Indias 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)
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