Nearly a month after slashing corporate tax rates to boost domestic investment, finance minister Nirmala Sitharaman on Saturday said she will soon prepare a plan to woo multinational companies seeking to shift production to countries outside of China because of trade tensions.
“I will go back and design in some way whereby I will identify those multinational corporations, American, European or British origin, who are moving out of China or who probably are even contemplating. I will make a blueprint with which I will approach them and put forward to them as to why India is a far more preferable destination,” Sitharaman told reporters in Washington after completing her engagements at the IMF-World Bank annual meeting.
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As part of the ongoing US-China trade war, President Donald Trump is putting pressure on American companies to move their manufacturing base out of China. So far, Vietnam has been a major beneficiary of the ongoing US-China trade tensions.
Source: livemint
