Prime Minister Narendra Modi will meet with dozens of top U.S. executives in New York on Wednesday, including JP Morgan's Jamie Dimon and KKR's Henry Kravis, according to a memo obtained by CNBC.
Modi is the only foreign leader to gather with so many top U.S. executives during the week of the United Nations General Assembly, an annual confab that brings world leaders together to discuss global policy issues.
JP Morgan CEO Jamie Dimon, Bank of America CEO Brian Moynihan, Walmart CEO Doug Mcmillon, 3M CEO Mike Roman, Lockheed Martin CEO Marillyn Hewson, Mastercard CEO Ajay Bhanga, Marriott CEO Arne Sorenson and 30 others will be in attendance. The timing of this meeting comes as more foreign companies move production and sourcing out of China to Vietnam, Philippines, Malaysia and other low-cost manufacturing hubs. India is also on the list, but experts say Modi wants India to be higher up.Navigating India's complex business policies has been a source of concern for U.S. companies trying to expand operations in India.
But the size of this meeting, which organizers say includes as many as forty executives, means they will likely shy away from addressing specific issues each company is facing on the ground.Walmart and Amazon have both been challenged by a new e-commerce ruling that came into effect earlier this year, forcing both companies to discard many items and readjust their strategy in India.
Both Trump and Modi were seen holding hands, walking around the stadium in a concert-like event in front of 50,000 attendees where both leaders spoke about the importance of the U.S.-India relationship.In the past, Trump has described Modi as "tariff king" and criticized the country's high tax rate, including a 50% tariff on Harley Davidson motorcycles.
Two big private equity investors, Steven Shwarzman of Blackstone and Henry Kravis of KKR, will also attend the meeting, according to sources.
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