India Presents Fantastic Opportunity for the U.S.
Date: Wednesday , February 02, 2011
“India presents fantastic opportunities for U.S. companies to provide the goods and services needed to build its railroads, airports, power plants, and fibre optic cables to facilitate India’s rise,” Assistant Secretary of State for South Asia Robert Blake said. The U.S. is making it a priority to help private sector help meet India’s growing needs he added. He said this while he was speaking on the topic “India: The Rise of an Economic Power” at Syracuse University, Syracuse, New York.
“Over the last decade, India became our 14th largest goods trading partner and we exchanged $37.6 billion in goods in 2009,” Blake noted. “U.S. foreign direct investment in India reached $16.1 billion in 2008, a 10.8 percent increase from 2007.” During President Barack Obama’s visit to India in November, trade deals were announced that exceeded $14.9 billion in total value with $9.5 billion in U.S. export content, supporting over 50,000 U.S. jobs. India is also a notable source of foreign direct investment into the U.S., with $4.5 billion FDI into the U.S. in 2008, up 60 percent from the previous year, Blake added.
With a market of 1.2 billion of the world’s consumers, and per capita incomes forecast to grow at a rate of 8 percent over the next several years, India’s market offers tremendous opportunity to U.S. exporters of goods and services, he said. “Our governments need to match the ambition of our businesses,” he said. “Washington and Delhi must serve as catalysts for growth and innovation, not stifle entrepreneurial spirit with overbearing bureaucracies,” suggested Blake.