Monday, October 14, 2024 | New Delhi
A thought-provoking discussion at the #USISPFIndiaSummit2024 on “Strengthening Bilateral Trade Ties: Opportunities and Challenges” with insights from Mr. Frank St. John, Chief Operating Officer of Lockheed Martin, and Mr. Michael Miebach, Chief Executive Officer of Mastercard. The session was moderated by Ms. Menaka Doshi, Senior Editor at Bloomberg India.
Mr. St. John highlighted Lockheed Martin’s growth in India, sharing that the company has built a robust supply chain ecosystem with over 500 suppliers over the last 15 years. He discussed their plans for significant expansion, aiming to deliver entire platforms and aircraft within the next three to five years. He expressed his commitment to working on equal footing with Indian companies in joint ventures, navigating the policy landscape and data transfer challenges.
Mr. Michael Miebach shared insights on India’s growing financial markets, announcing that Mastercard will establish its largest facility in Pune, creating 8,000 jobs. He emphasized the tremendous potential in India that the Indian tech stack has unlocked. He focused on Mastercard’s aim to support India’s micro-businesses and make digital transactions safer across various sectors by engaging with the fintech community and leveraging the UPI infrastructure.
Both leaders addressed the challenges faced in global supply chains, particularly in defense, which have been fragile due to geopolitical conflicts and the impact of COVID-19. Mr. St. John stressed the importance of identifying a supply chain base that is both cost-effective and quality-assured, praising the attention to detail in the Indian supply chain.
To conclude the session, Mr. Miebach acknowledged the Indian government’s consultative engagement with the private sector to understand what works and what doesn’t, positioning India as an attractive investment destination.