Prime Minister Narendra Modi met with Dutch CEOs in The Hague to invite more investment into India's manufacturing and technology sectors [1].
The meeting is part of a broader effort to deepen economic and strategic ties between India and the Netherlands. By targeting high-level executives, India seeks to position itself as a global hub for innovation and a cost-effective alternative for industrial production.
Modi's visit to the Netherlands took place May 16-17, 2024 [2]. This stop was part of a larger six-day European tour that spanned May 15-20, 2024 [3]. During the visit, the prime minister held a CEO roundtable and high-level meetings to discuss trade and technology cooperation [1].
During the discussions, Modi emphasized the current economic climate in India. "India has emerged as a cost-effective destination for manufacturing and innovation," Modi said [1]. He said there is "no better time to design and innovate in India" [4].
In addition to the business roundtable, Modi held talks with Dutch Minister Rob Jetten to discuss trade and investment [5]. The prime minister indicated a desire to expand the existing partnership between the two nations. "We look forward to deepening trade and investment ties between India and the Netherlands," Modi said [5].
The discussions focused on creating a strategic partnership that leverages Dutch expertise in technology, and India's growing industrial capacity. The meetings aimed to remove barriers to investment and encourage Dutch firms to expand their footprints within the Indian market [1].
“India has emerged as a cost-effective destination for manufacturing and innovation.”
This diplomatic push highlights India's strategy to diversify its foreign investment sources and reduce reliance on specific markets by courting European technology and capital. By focusing on 'design and innovation,' India is attempting to move up the value chain from simple assembly to high-tech manufacturing.
