USIBC Meeting Highlights Initiatives to Strengthen US-India Economic Ties

By siliconindia   |   Tuesday, 31 October 2023, 23:25 IST
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USIBC Meeting Highlights Initiatives to Strengthen US-India Economic Ties

The USIBC Board members stressed the growing significance of the US-India relationship, recognizing their economic potential and roles as stabilizing forces in global geopolitics.

The US India Business Council (USIBC) held a meeting of its global board of directors in India. The board welcomed several announcements made by American Companies, including Google’s decision to manufacture pixel phones in India. Furthermore, these actions are seen as crucial in unlocking sustained growth opportunities. The majority of American corporations unveiled significant initiatives that foster deeper economic ties and drive long-term growth. The USIBC hailed major international corporations' recent investment and manufacturing announcements as significant milestones. These developments are expected to stimulate India's long-term economic growth to empower the nation's emerging talent and fortify the bonds between the United States and India.

The USIBC Mission saw the active involvement of more than thirty high-level executives and representatives from both nations who participated in substantial meetings and diplomatic discussions. This distinguished delegation had the honor of engaging in talks with prominent Indian leaders, including Finance Minister Mirmala Sitaraman and Minister of Education and Skill Development Dharmendra Pradhan. The USIBC organized meetings with Eric Garcetti, the US Ambassador to India, and Devendra Fadnavis, the Deputy Chief Minister of Maharashtra.

USIBC global board of directors and executive vice chairman of NASDAQ, ED Knight, lauded the dedication of these individuals to advancing the comprehensive global and strategic partnership between the US and India. Their commitment underscores the shared objectives of both nations in strengthening their ensuring relationship.

Atul Keshap, as the President of USIBC, pledged to be a strong suppoter for promoting economic, trade, and strategic partnerships between the United States and India, involving both the public and private sectors.

Business leaders and officials from the US and India met to discuss the opportunities for collaboration in critical and emerging technologies, as well as ways to expand access to venture capital and private equity for Indian entrepreneurs.

Notably, the broad meetings coincided with the announcement by a USIBC global company, Google. The tech giant revealed its plans to manufacture pixel phones in India during its flagship Google for India event. This announcement was built on the momentum generated by a recent meeting between Prime Minister Modi and Google CEO Sundar Pichai. Google reaffirmed its commitment to investing in India and introducing its latest AI technology and hardware devices to the Indian populace. Michaela Browning, Vice President and Head of Government Affairs and Public Policy in the Asia Pacific region, who was part of the USIBC delegation to India, highlighted that this announcement showcases Google's aspiration to be a trusted and valued partner in India's digital transformation journey.

Throughout the meetings and interactions, the board members underscored the growing significance of the US-India relationship. Economically, they noted that the world is increasingly looking to the Indian and American economies as promising long-term growth engines due to pockets of economic stagnation and inflationary pressures.

On the geopolitical front, the directors emphasized India and the United States as pillars of stability in an international system facing challenges. They highlighted shared forums such as the Quad Security Dialogue between the US, Japan, Australia, and India and their collaborative efforts in addressing global issues in the Middle East through the India, Israel, UAE, and US (I2U2) initiative.