Prime Minister Narendra Modi's five-nation foreign tour from May 15 to 20 has secured fresh investment commitments worth nearly $40 billion across key sectors, according to the Ministry of External Affairs (MEA). During his visits to the United Arab Emirates, Netherlands, Sweden, Norway and Italy, PM Modi met over 50 chief executive officers of large global companies. As reported by the MEA, these companies have made fresh commitments by their respective companies to invest in India, including their business expansion plans in India, totaling nearly $40 billion. The participating companies collectively represent a market valuation of approximately $2.7–3 trillion, underlining the scale of international business engagement during the tour.
A large number of the companies PM Modi met already have significant investments in India with their cumulative investment and business exposure standing at around $180 billion, according to MEA spokesperson Randhir Jaiswal. These companies are making new investments in the country to take advantage of India's growth story, with several projects in the pipeline including areas of semiconductors, logistics, green infrastructure, technology and other verticals. Many of these firms are now evaluating further expansion in India to capitalise on the country's strong economic growth, rising consumption demand and improving investment environment.
During his visit to the United Arab Emirates on May 15, India signed a series of landmark pacts spanning strategic petroleum reserves, long-term liquefied petroleum gas (LPG) supply, defence and shipping. According to MEA officials, Abu Dhabi pledged investments totalling $5 billion in India. The highlight of the pacts signed was the commitment to deepen defence industrial cooperation, including technology partnership, design and co-production of defence equipment, particularly creating new opportunities in aerospace systems, helicopters, naval platforms, marine armament and next-generation defence technologies.
In Rome, the final stop of his five-nation tour, Prime Minister Modi and his Italian counterpart Giorgia Meloni set a target of increasing bilateral trade to 20 billion euros by 2029. As reported by MEA Secretary (West) Sibi George, discussions are progressing on setting up a virtual trade corridor. The India-Italy defence partnership includes Adani Defence and Aerospace Limited and Italy's Leonardo SpA announcing a partnership for procurement and indigenisation of helicopters and pilot training, with the Indian Navy acquiring Black Shark torpedoes from Fincantieri-WASS. Leonardo is discussing a joint venture with Bharat Heavy Electricals Limited (BHEL) for enhancing the supply of super rapid gun mounts and local production in India. India and the Netherlands unveiled a strategic partnership roadmap focusing on trade, defence, semiconductors, artificial intelligence and green hydrogen. India and Sweden agreed to elevate bilateral ties to a strategic partnership, while the Prime Minister also attended the third India-Nordic Summit in Norway and held bilateral meetings with Nordic leaders.
Union Commerce and Industry Minister Piyush Goyal said as many as '57 outcomes' resulted from the PM's five-nation tour, addressing a press conference at the Bharatiya Janata Party's national headquarters in New Delhi on Thursday afternoon. According to Goyal, the visit will strengthen India's semiconductor mission, energy security, defence manufacturing and exports. India leveraged three of the free trade agreements that it has signed, including those with the UAE, the four-nation European Free Trade Association (EFTA) and the European Union, with the PM's visit opening up several avenues for exporters and laying the foundation for significant investments into India. External Affairs Ministry spokesperson Randhir Jaiswal described the Italy visit as the successful conclusion of PM Modi's five-country diplomatic tour, highlighting significant outcomes and renewed momentum in India's engagement with Italy and other partner nations.
