India-U.S. Business Ties: Nancy Powell Sees Room For Growth

Thursday, 30 May 2013, 11:13 Hrs
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Chandigarh: Noting that there was great scope of further strengthening U.S.-India business ties, U.S. Ambassador Nancy Powell said both sides need to see where they can best help each other.

"I am very enthusiastic about our ever-increasing business ties. Trade brings people together, creates jobs, and provides countless new opportunities for people in both of our countries.

"There is plenty of room for growth, and we need to see where both countries can best help each other since a healthy balance of trade is essential between countries," she said.

She was speaking after launching India's 12th American Business Corner (ABC) in Mohali, Punjab.

Powell was on a two-day visit to Chandigarh and Mohali. The Ambassador said over the past year, U.S. exports to India increased by $1 billion to over $22 billion, while India's exports to the U.S. grew by about $4 billion to over $41 billion.

"Historically, our bilateral trade in goods has expanded from more than $26 billion in 2005 to over $63 billion in just seven short years. Moreover, when you count bilateral trade in services, our bilateral relationship is nearing $100 billion, up from about $90 billion in 2011," the Ambassador said.

The Foreign Direct Investment ( FDI) into India from the United States reached $24.7 billion in 2011.

"In recent years, India has been among the fastest growing sources of inward investment into the U.S., totalling about $9.8 billion, as of 2011, and supporting thousands of U.S. jobs," she pointed out.

The ABC was launched by Powell and Anurag Aggarwal, president of Mohali Industries Association.

"The ABC in Mohali will act as a clearinghouse to connect its 400 member firms with U.S. companies interested in doing business. Activities of this ABC will include dissemination of catalogues of US products to potential buyers and staging workshops and seminars at the ABC...," Ambassador Powell said.

During her two-day visit to Chandigarh and Mohali, the Ambassador met senior leadership of the Punjab and Haryana governments including Punjab Governor Shivraj Patil, Chief Minister Parkash Singh Badal, Haryana Chief Minister Bhupinder Singh Hooda and interacted with young parliamentarians and state legislators of the two states.

She also discussed trade, investment, and people-to-people ties between the U.S. and India during a visit with instructors and staff at the Indian School of Business in Mohali.

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Source: PTI
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