India to attract $20B from U.S. in 5 years

By agencies   |   Thursday, 24 March 2005, 08:00 Hrs
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BANGALORE:U.S. investors may invest $20 billion in India in the next five years, a senior AMCHAM official said here. Sunil Mehta, chairman of the American Chamber of Commerce in India (AMCHAM) said U.S. companies are increasingly clear and convinced about the importance of investing in vital and cost effective country like India. He said if it took ten years for India to get $20 billion (1994-2004), it would come down just half this time for India to attract the same amount. This is possible as India has a proven track record of offering better returns on investments. He said if India opened up its retail sector, it would alone attract $5 billion. Besides infrastructure, automotive and agriculture, manufacturing, services and entertainment have the potential to attract American investments. All fortune 1000 U.S. companies have presence in India through joint ventures or subsidiaries and most of them are looking at hiking their investments, Mehta said.