Indian Investment In U.S Growing At Faster Rate: U.S Official
HYDERABAD: With more Indian companies showing interest in opening or expanding their business in the U.S, the Indian investment there is picking up further momentum, said a top American official.
Indian investment in the U.S is growing at an average 26-27 percent annually, higher than the American investment in India.
"American investment in India is approximately 2.5 times the Indian investment in America but it is not growing percentage-wise the way Indian investment in the U.S is growing," Vinai Thummalapalli, executive director of SelectUSA, told.
Established by President Barack Obama in 2011, SelectUSA promotes and facilitates business investment into the U.S.
Indian companies have made investment of $11 billion in the US and they are the fourth fastest growing Foreign Direct Investment (FDI) in the U.S. The American investment in India stands somewhere around $25 billion to $26 billion.
Thummalapalli, a former college roommate of Obama and the first Indian-American to become a U.S ambassador, is on a visit to India to encourage Indian investments in the U.S.
After arriving in New Delhi, he landed his home town Hyderabad. He is also visiting Coimbatore, Bangalore and Mumbai to meet business leaders, investors and trade associations.
SelectUSA provides information to investors, brings investors and economic development organizations within U.S together and act as ombudsman for investors at the federal level.
"We are very optimistic and bullish. We believe there are hundreds may be thousands of companies in India wanting to invest in the U.S," said Thummalapalli, who served as U.S ambassador in Belize between 2009 and 2013.
Also Read:
