Goyal tells European investors India offers fair play, takes swipe at China over Jack Ma

Commerce and Industry Minister Piyush Goyal has urged European companies to invest in India, saying the country offers fair treatment to investors and businesses at a time when trust is becoming increasingly scarce in a fragmented world.

Speaking at the Berlin Global Dialogue in Germany, Goyal took an apparent swipe at China over the treatment of Alibaba founder Jack Ma, telling European investors: “When you invest in India and grow in India, you won’t disappear one day only to come out one day in a Japanese university.”

Ma, one of China’s most prominent entrepreneurs, faced regulatory scrutiny after criticising Chinese financial regulators in 2020. He subsequently kept a low public profile and was reported to be living in Tokyo in 2022.

Goyal said he trusted European businesses to abide by the rules and laws governing their operations in India. He urged companies, including Marcegaglia Steel CEO Emma Marcegaglia, who was a fellow panellist at the event, to invest in the country.

Responding to a question on whether India trusts Europe more than the United States, Goyal said India believes in maintaining friendships around the world. He highlighted the country’s network of free-trade agreements (FTAs), which he said provides preferential market access to economies accounting for $70 trillion of global gross domestic product.

Goyal added that proposed trade agreements with Canada, Israel, the Gulf Cooperation Council (GCC), the Southern African Customs Union (SACU), MERCOSUR and the Eurasian Economic Union (EAEU) could add another $15 trillion in market access. Together, these arrangements would give Indian businesses access to markets accounting for 76% of global GDP at lower tariffs, he said.

Goyal said the United States, European Union, India, European Free Trade Association (EFTA), United Kingdom and Australia could use their respective competitive advantages to collaborate and create value for the global economy.

“India is opening its doors to all continents for all nations to benefit from investing in India and Indian businesses from investing across the world,” he said.

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