Indo-US Investment Initiative to focus on capital market dev & financing of infra
Updated: Oct 01, 2014 04:49:59pm
New Delhi, Oct 1 (KNN) In order to raise investment by institutional investors and corporate entities, US President Barack Obama and Indian Prime Minister Narendra Modi have pledged to establish an Indo-US Investment Initiative with special focus on capital market development and financing of infrastructure. The two countries also plan to work expeditiously through several joint initiatives to facilitate greater confidence in cross-border trade and investment.
A joint statement issued by Modi and Obama said, “Noting that two-way trade has increased fivefold since 2001 to nearly USD 100 billion, President Obama and Prime Minister Modi committed to facilitate the actions necessary to increase trade another fivefold.”
Both sides recognized that US and Indian businesses have a critical role to play in sustainable, inclusive, and job-led growth and development.
“In order to raise investment by institutional investors and corporate entities, the leaders pledged to establish an Indo-US Investment Initiative led by the Ministry of Finance and the Department of Treasury, with special focus on capital market development and financing of infrastructure,” the statement said.
They pledged to establish an Infrastructure Collaboration Platform convened by the Ministry of Finance and the Department of Commerce to enhance participation of US companies in infrastructure projects in India, it added.
In this context, the US government welcomes India`s offer for US industry to be the lead partner in developing smart cities in Ajmer (Rajasthan), Vishakhapatnam (Andhra Pradesh) and Allahabad (Uttar Pradesh), it said.
The Prime Minister will welcome two trade missions in 2015 focused on meeting India’s infrastructure needs with US technology and services.
They also committed to a new partnership to advance the Prime Minister’s goal of improved access to clean water and sanitation for all. USAID, through the Urban India Water, Sanitation, and Hygiene (WASH) Alliance, will serve as knowledge partner to help leverage private and civil society innovation, expertise, and technology, such as with the Bill and Melinda Gates Foundation, to support the Prime Minister`s 500 Cities National Urban Development Mission and Clean India Campaign.
Obama welcomed Modi’s ambitious plan to extend basic financial services to all its citizens, giving them powerful tools to manage their finances and more fully participate in India`s growing economy.
Both the leaders underlined the important contribution that US locomotive technology, equipment to monitor rail system assets, and US best practices can play in modernizing India’s vast railway network, including accessing programs of US Trade and Development Agency in this work.
The leaders discussed their concerns about the current impasse in the World Trade Organization and its effect on the multilateral trading system, and directed their officials to consult urgently along with other WTO members on the next steps.
The leaders committed to work through the Trade Policy Forum to promote a business environment attractive for companies to invest and manufacture in India and in the United States.
Agreeing on the need to foster innovation in a manner that promotes economic growth and job creation, the leaders committed to establishing an annual high-level Intellectual Property (IP) Working Group with appropriate decision-making and technical-level meetings as part of the Trade Policy Forum.
They recognized in particular the contribution of the Indian and US Information Technology (IT) industry and the IT-enabled service industry in strengthening India-US trade and investment relations.
The two leaders committed to hold public-private discussions in early 2015 under the Commercial Dialogue on new areas of cooperation, including innovation in advanced manufacturing.
In order to share best practices in manufacturing and work toward greater harmonization of standards, the National Institute of Standards and Technology’s Manufacturing Extension Partnership program will start a dialogue with Indian counterparts.
The two countries plan to work expeditiously through several joint initiatives to facilitate greater confidence in cross-border trade and investment.
The President also offered to support the Prime Minister to achieve his goal of preparing young Indians for 21st century jobs through new partnerships to share expertise and global standards for skills development in India, including by reinvigorating the Higher Education Dialogue.
The leaders look forward to the annual US-India Economic and Financial Partnership in early 2015. They also welcomed the expansion of the partnership in oversight of financial institutions, including between Reserve Bank of India and the US Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of Currency. They also agreed to reinvigorate the India-US CEO Forum, and welcomed India`s offer to host the Forum for the second time in early 2015. (KNN/SD)
A joint statement issued by Modi and Obama said, “Noting that two-way trade has increased fivefold since 2001 to nearly USD 100 billion, President Obama and Prime Minister Modi committed to facilitate the actions necessary to increase trade another fivefold.”
Both sides recognized that US and Indian businesses have a critical role to play in sustainable, inclusive, and job-led growth and development.
“In order to raise investment by institutional investors and corporate entities, the leaders pledged to establish an Indo-US Investment Initiative led by the Ministry of Finance and the Department of Treasury, with special focus on capital market development and financing of infrastructure,” the statement said.
They pledged to establish an Infrastructure Collaboration Platform convened by the Ministry of Finance and the Department of Commerce to enhance participation of US companies in infrastructure projects in India, it added.
In this context, the US government welcomes India`s offer for US industry to be the lead partner in developing smart cities in Ajmer (Rajasthan), Vishakhapatnam (Andhra Pradesh) and Allahabad (Uttar Pradesh), it said.
The Prime Minister will welcome two trade missions in 2015 focused on meeting India’s infrastructure needs with US technology and services.
They also committed to a new partnership to advance the Prime Minister’s goal of improved access to clean water and sanitation for all. USAID, through the Urban India Water, Sanitation, and Hygiene (WASH) Alliance, will serve as knowledge partner to help leverage private and civil society innovation, expertise, and technology, such as with the Bill and Melinda Gates Foundation, to support the Prime Minister`s 500 Cities National Urban Development Mission and Clean India Campaign.
Obama welcomed Modi’s ambitious plan to extend basic financial services to all its citizens, giving them powerful tools to manage their finances and more fully participate in India`s growing economy.
Both the leaders underlined the important contribution that US locomotive technology, equipment to monitor rail system assets, and US best practices can play in modernizing India’s vast railway network, including accessing programs of US Trade and Development Agency in this work.
The leaders discussed their concerns about the current impasse in the World Trade Organization and its effect on the multilateral trading system, and directed their officials to consult urgently along with other WTO members on the next steps.
The leaders committed to work through the Trade Policy Forum to promote a business environment attractive for companies to invest and manufacture in India and in the United States.
Agreeing on the need to foster innovation in a manner that promotes economic growth and job creation, the leaders committed to establishing an annual high-level Intellectual Property (IP) Working Group with appropriate decision-making and technical-level meetings as part of the Trade Policy Forum.
They recognized in particular the contribution of the Indian and US Information Technology (IT) industry and the IT-enabled service industry in strengthening India-US trade and investment relations.
The two leaders committed to hold public-private discussions in early 2015 under the Commercial Dialogue on new areas of cooperation, including innovation in advanced manufacturing.
In order to share best practices in manufacturing and work toward greater harmonization of standards, the National Institute of Standards and Technology’s Manufacturing Extension Partnership program will start a dialogue with Indian counterparts.
The two countries plan to work expeditiously through several joint initiatives to facilitate greater confidence in cross-border trade and investment.
The President also offered to support the Prime Minister to achieve his goal of preparing young Indians for 21st century jobs through new partnerships to share expertise and global standards for skills development in India, including by reinvigorating the Higher Education Dialogue.
The leaders look forward to the annual US-India Economic and Financial Partnership in early 2015. They also welcomed the expansion of the partnership in oversight of financial institutions, including between Reserve Bank of India and the US Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of Currency. They also agreed to reinvigorate the India-US CEO Forum, and welcomed India`s offer to host the Forum for the second time in early 2015. (KNN/SD)
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