August 11, 2013
PUDUCHERRY: India is 13th on the list of US' largest trading partners, American ambassador to India Nancy J Powel said on Saturday. She said the country made the leap from 25th position to 13th in a decade.
Addressing the members of the Indo-American Chamber of Commerce in Puducherry, she expressed optimism that the bilateral trade between the two countries will soon cross $100 billion.
August 11, 2013
PUDUCHERRY: India is 13th on the list of US' largest trading partners, American ambassador to India Nancy J Powel said on Saturday. She said the country made the leap from 25th position to 13th in a decade.
Addressing the members of the Indo-American Chamber of Commerce in Puducherry, she expressed optimism that the bilateral trade between the two countries will soon cross $100 billion.
"The value of US goods exports to India hovered just above $3 billion in 1995. Over the past year, the US exports to India increased by about $1 billion to over $22 billion dollars while India's exports to our country grew by about $4 billion to over $41 billion. Our total trade relationship is soon expected to top $100 billion. In just over a decade, India has leaped from being our 25th largest trading partner to 13th largest trading partner. We've come a long way since my last assignment in India," she said.
She emphasized that there was more scope for enhancing commercial relationships and opportunities between the two countries. "Increasing our mutual trade and investment opportunities was one of the top objectives of Vice-President (Joe) Biden during his trip to New Delhi and Mumbai two weeks ago. We look forward to continuing this dialogue during Prime Minister Singh's visit to Washington this fall," she said.
Powel said the US mission staff help in expanding commercial ties by encouraging business delegations from both countries to establish connections by frequent visits. "There is an increase in number of US governors and mayors leading sub-national delegations to look for opportunities in India's second-tier cities," she said.
The US ambassador said that governor Terry E Branstad will lead a delegation this September from the state of Iowa to Chennai, New Delhi, Mumbai and Hyderabad, specifically looking for partnerships in bio-technology, information solutions and advanced manufacturing.
She pointed out that last June the US commercial service staff in Chennai travelled with a delegation of businessmen from Madurai to support their visit to a franchising trade fair in New York.
Powel assured that the US will empower more Indian companies to explore the market via commerce department's 'SelectUSA' initiative. "One excellent upcoming opportunity for companies looking to invest in the US is the SelectUSA Summit, which will be held in Washington DC from October 31 to November 1. Our embassy's commercial counselor will also be attending this summit to support the participants from India," she said.
The US ambassador also appealed to the companies in the Puducherry region to be full participants in US' growing commercial relationship.
Courtesy: PTI
