Indian Investment In U.S Growing At Faster Rate: U.S Official
He believes the U.S market is attractive for Indian companies as they get customers, there is certainty, good infrastructure, well-defined legal system and their investment in the U.S compliments expansion of their business in India.
SelectUSA plans to conduct a road show in India next year. Several American states will make a pitch during the show and interact with prospective investors.
SelectUSA in July signed a memorandum of intent with Export-Import Bank of India to help Indian companies keen to invest in the U.S.
Thummalapalli expects even larger Indian participation in the second SelectUSA summit to be held in March next year near Washington. The investors from various countries attending the summit learn on how to do business in the U.S and establish networks.
President Obama had last year hosted the first-ever SelectUSA Summit, which was attended by 1,300 people from 60 countries. The Indian delegation was fourth largest. This year over 2,500 people are expected to attend the summit.
The $16 trillion is economy is growing at three percent making the market more attractive for foreign investors. The U.S was number one destination in the world terms of FDI for two consecutive years. It attracted $168 billion in 2012 and $197 billion in 2013.
Thummalapalli pointed out that foreign companies investing in the U.S employ 5.6 million Americans with average annual salary of $76,000, which is significantly higher than average wages of total workers.
According to 2011 figures, the Indian companies in U.S employ 46,000 Americans.
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