USA seeks more investment from entrepreneurs, small businesses
Updated: Jun 26, 2014 02:05:41pm
New Delhi, Jun 26 (KNN) SelectUSA, an initiative to attract foreign investment to the US has been reaching out to entrepreneurs, small business and large multinationals who are considering investing there, according to US Embassy Charge d'Affaires AI, Michael P Pelletier.
Speaking at ‘Avenues 2014’ organised by American Chamber of Commerce in India here yesterday, “Many are expanding their existing footprint in the United States. We recently had an exciting investment success in which our Commercial Service office in Chennai helped Shri Govindaraja Textiles, based south of Madurai, in their decision to build their first American textile factory under the SG Mills name in North Carolina,” Pelletier who is currently on his third assignment to India in 25 years said.
These types of investments, according to him signify a positive trend for India, where companies move up the value chain and look to have a stronger presence in the US market.
Pelletier also discussed ways of strengthening ties between the two countries as also the trade and investment partnership with India, keen to listen to both Indian and American suggestions from both the public and private sectors about ways India and the United States can work together to advance mutual commercial interests.
“Both countries stand to benefit significantly from increased commercial activity,” he pointed out.
While US-India bilateral trade and investment relationship has remained strong with total bilateral trade in 2013 reaching nearly USD 100 billion, for the US-India trade to reach the goal of USD 500 billion, all forms of trade barriers on both sides have to be removed, he said.
“US investment in India also tells a story of growth. The United States is one of India’s largest foreign direct investors. The official statistics show U.S. foreign direct investment in India is USD 28 billion, a fivefold increase from a decade ago. But, we all know that U.S. companies, through their foreign subsidiaries, have invested many billions of dollars more that do not show up in official numbers. We also know that the top 50 U.S. companies in India employ over 500,000 Indians, many in high-paying, high-tech and manufacturing jobs,” he said.
Indian investment in America is now the eighth fastest growing source of foreign direct investment into the United States. According to a recent CII study, Indian companies have invested USD 17 billion in the United States and now employ over 81,000 Americans. Indian oil and gas companies have invested over USD 6 billion in developing US shale oil and gas reserves, he pointed out.
“More importantly, the knowledge transfer, technology gains, and mutual benefits of investment in each other’s economies increase the pace and quality of growth for both our countries,” he said.
During the meeting focus was given to addressing significant market opportunities in four market sectors: civil aviation; defence; information and communications technologies; and infrastructure. (KNN/ES)
Speaking at ‘Avenues 2014’ organised by American Chamber of Commerce in India here yesterday, “Many are expanding their existing footprint in the United States. We recently had an exciting investment success in which our Commercial Service office in Chennai helped Shri Govindaraja Textiles, based south of Madurai, in their decision to build their first American textile factory under the SG Mills name in North Carolina,” Pelletier who is currently on his third assignment to India in 25 years said.
These types of investments, according to him signify a positive trend for India, where companies move up the value chain and look to have a stronger presence in the US market.
Pelletier also discussed ways of strengthening ties between the two countries as also the trade and investment partnership with India, keen to listen to both Indian and American suggestions from both the public and private sectors about ways India and the United States can work together to advance mutual commercial interests.
“Both countries stand to benefit significantly from increased commercial activity,” he pointed out.
While US-India bilateral trade and investment relationship has remained strong with total bilateral trade in 2013 reaching nearly USD 100 billion, for the US-India trade to reach the goal of USD 500 billion, all forms of trade barriers on both sides have to be removed, he said.
“US investment in India also tells a story of growth. The United States is one of India’s largest foreign direct investors. The official statistics show U.S. foreign direct investment in India is USD 28 billion, a fivefold increase from a decade ago. But, we all know that U.S. companies, through their foreign subsidiaries, have invested many billions of dollars more that do not show up in official numbers. We also know that the top 50 U.S. companies in India employ over 500,000 Indians, many in high-paying, high-tech and manufacturing jobs,” he said.
Indian investment in America is now the eighth fastest growing source of foreign direct investment into the United States. According to a recent CII study, Indian companies have invested USD 17 billion in the United States and now employ over 81,000 Americans. Indian oil and gas companies have invested over USD 6 billion in developing US shale oil and gas reserves, he pointed out.
“More importantly, the knowledge transfer, technology gains, and mutual benefits of investment in each other’s economies increase the pace and quality of growth for both our countries,” he said.
During the meeting focus was given to addressing significant market opportunities in four market sectors: civil aviation; defence; information and communications technologies; and infrastructure. (KNN/ES)
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