Singapore Based U.S. Businesses Keen on Entering India: Adelman

SINGAPORE: Singapore-based American businesses are keen on venturing into India although they have concerns about it's economic policies related to foreign investments, US Ambassador to Singapore said. "We are very interested in trade and investment in India, and will continue to promote India's engagement in Singapore and throughout Southeast Asia," Adelman told PTI. Although international companies have expressed concern about some of New Delhi's policies on foreign direct investment, India would continue to be rated as a major market in Asia and a favourable investment destination for American businesses, he added. More than 3,000 American businesses operate out of Singapore and cover the Asian markets. Adelman's comments come at a time when Prime Minister Manmohan Singh has taken charge of the Finance portfolio after Pranab Mukherjee left the government to contest the presidential election, and there have been moves by the government to revive growth and investments. He had led a Singapore-based US businesses mission to New Delhi, Mumbai and several other Asian countries last year, and has been closely monitoring the prospects and potential of Asian markets, including India. As Washington has nurtured strategic defence and political relations with New Delhi, there is a natural progression to also grow and develop the economic relationship, Adelman said. "We have always rated India as a priority market and the time has come to push forward with more trade and investment plans not only in India, but throughout Southeast Asia," he added. In 2011, US exports to India increased 11.6 per cent year-on-year to $21.5 billion and imports increased 22.4 per cent to $36.15 billion. However, according to experts, given its market size and considering the potential of building businesses, the US-India trade numbers were relatively modest compared to other South East Asian countries.