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U.S. remains a prime source of investment: FM
Monday, 08 November 2010, 22:09 IST
New Delhi: Finance Minister Pranab Mukherjee said the U.S. remains a prime source of investment and an important trading partner for India.
"Economic policy, finance and trade constitute important planks of our bilateral relations. For us, the U.S. remains a prime source of investment, technology and an important trading partner," Mukherjee said while addressing a Indo-U.S. CEOs forum meeting here.
The meeting has been organised against the backdrop of the visit of U.S. President Barack Obama.
"As we make efforts to increase investment in infrastructure, and give a fresh impetus to the manufacturing sector, the importance of our partnership with the U.S. will increase," Mukherjee said.
This mutually beneficial engagement would stimulate innovation, spur job creation, and promote sustainable and inclusive growth in both countries, he added.
The Finance Minster also said the bilateral investment treaty that is being negotiated with the U.S. will improve flow of investment from America.
"We are currently negotiating a bilateral investment treaty (with the U.S.) and are committed to take further initiatives that will contribute to creating a more conducive environment for investment flows", Mukherjee said.
Highlighting that India has emerged as an attractive global investment destination, he said, infrastructure sector alone requires investment of $514 billion for the 11th Plan (2007-08 to 2011-12). Almost 30 percent of this investment is envisaged to come from private sources.
For the 12th Five Year plan (2012-13 to 2016-17), the investment in infrastructure is envisaged at $1 trillion, he said, adding, this magnitude of investment would require innovative modes of financing.
The meeting was attended by Treasury Secretary Timothy Geithner, Commerce Secretary Gary Locke, Agriculture Secretary Thomas Vilsack from U.S. side, and Commerce and Industry Minister Anand Sharma, Deputy Chairman, Planning Commission Montek Singh Ahluwalia, from Indian side among others.
Besides, CEOs of different U.S. and Indian companies were part of the Forum.
Earlier in the day, Geithner met Mukherjee and discussed ways of deepening economic ties and re-balancing global growth.
The two Ministers are understood to have discussed the cooperation at the G-20 forum, which would lead the economies worldwide to the higher growth terrain.
They also discussed technical cooperation on capital markets, infrastructure finance, and anti-money laundering and combating the financing of terrorism.
Source: PTI
Source: PTI