As the Chinese economy slows down, top US corporate executives are making it a priority to meet with Indian Prime Minister Narendra Modi during his state visit to the White House. Apple CEO Tim Cook, Google CEO Sundar Pichai, Microsoft CEO Satya Nadella, and FedEx CEO Raj Subramaniam will be among the US CEOs attending the White House state dinner on Thursday. The dinner is viewed by New Delhi as a coup and is the first for India. Other companies, including Marriott and Cummins, will also send their CEOs to the dinner.
The biggest deal to be announced during the dinner will be General Electric’s co-production of military jet engines in India alongside Hindustan Aeronautics. The strengthening of US-India defense and security ties will likely be a major outcome for the trip, especially around issues of critical technology sharing and defense equipment IP. In addition to General Electric, General Atomics is nearing a deal to sell new drones to New Delhi at a time when the country is trying to beef up its security.
Modi’s arrival in the US follows a high-profile meeting in China between Secretary of State Antony Blinken and China’s President Xi Jinping on Monday in a bid to ease tensions between the two largest economies in the world. China is one of the agenda items when Modi meets with Biden and US executives on Thursday and Friday. “Both the US and India share a common interest in managing the rise of Chinese power,” said Frank Wisner, former US ambassador to India.
A separate meeting with tech leaders is also in the works for Friday, where technology transfer and finding ways to diversify away from China will be discussed. With China’s economy decelerating and political tensions high, corporate America has taken steps to diversify away from the country. Apple opened two retail stores in India earlier this year after moving some iPhone production to the country. CNBC previously reported that Apple is also looking to move some of its iPad production from China to India, although unskilled labor and weak infrastructure present challenges for US businesses wishing to expand their businesses there.
The US corporate executives are making it a priority to meet with the Indian Prime Minister during his state visit to the White House. The dinner will be attended by several US CEOs, including Apple, Google, Microsoft, and FedEx, and will be the first for India. The US and India are expected to strengthen defense and security ties, including critical technology sharing and defense equipment IP. General Electric and General Atomics will announce their deals to co-produce military jet engines and sell new drones, respectively, to New Delhi. Additionally, a separate meeting with tech leaders is in the works for Friday, where technology transfer and finding ways to diversify away from China will be discussed.
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