Friendshoring with India is making progress: Yellen

Times News NetworkBengaluru: US treasury secretary Janet Yellen on Saturday said friendshoring with “trusted trading partners” is making progress, with investments by Apple and Google in phone manufacturing in India being the result of the initiative.The treasury secretary, who met Indian and American IT company CEOs here, expressed her keenness to deepen ties in the technology sector and said more investments will flow into India through the ‘Partnership for Global Infrastructure and Investment’ (PGII).“I am eager to deepen our ties in the technology sector. The US is advancing an approach called ‘friendshoring’ to bolster the resilience of our supply chains. We are doing this by strengthening integration with our many trusted trading partners, including India. We are seeing progress; as an example, technology companies like Apple and Google have expanded their phone production in India,” Yellen said at the meeting with tech CEOs, including Infosys chairman Nandan Nilekani.She also said through PGII, the US is investing in digital technologies with investments announced in agri-tech to enable climate-smart agricultural production, and in digital payments systems for microentrepreneurs. “These stand alongside investments in renewable energy, health, and other infrastructure sectors in India. Overall, the US aims to mobilie $200 billion through 2027 for PGII, and we look forward to partnering with India to continue investing in its future,” Yellen said.
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