India turns world's best FDI destination

By agencies   |   Friday, 19 May 2006, 07:00 Hrs
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NEW YORK: India provides higher returns on foreign direct investment (FDI) than any other country in the world, Minister of State for Industry Ashwani Kumar told American investors here.

Speaking at a meeting organized by the India-American Chamber of Commerce here, Kumar said India was poised for a massive expansion in manufacturing, infrastructure, automobiles and auto-components and food processing sectors, besides telecommunications.

He urged investors to seize the opportunity for availing themselves of huge opportunities in these sectors. Over 100 investors, including several from major American multinationals, attended the meeting.

Over 250 leading business representatives attended it from industries located in the Tri-state area of the U.S. comprising New York, New Jersey and Connecticut.

In his keynote luncheon address, he underlined the importance of the Tri-state area as not only a home to nearly 100 Fortune companies but also home to the largest concentration of skilled Indians in the U.S.

Kumar also pointed out the significant change in the structure of India's GDP over the decade-and-a-half of economic reforms.

He also highlighted the importance of Indo U.S. bilateral relations. The daylong event in New Jersey focused on trade, tourism, and investment, and had several presentations and panel discussions. The event was a part of the annual International Trade Week proclaimed by the US president.

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