Varanasi, July 27 (IBNS): United States Ambassador Nancy J Powell on Thursday called on Indian businessmen and urged them to invest in America.
"Our commercial relationship is multi-dimensional and a two-way street," Powell said.
Powell was in Varanasi on Thursday with members of the Indo-American Chamber of Commerce (IACC) and thanked the regional chapter for the continued work to strengthen the economic ties between the two countries.
"India has come into its own as a global economic player. In recent years, India has been the world’s second fastest-growing major economy after China and it is projected to become the world’s third largest economy by the year 2025," she said.
"At this crucial moment in the global economic recovery, we have a unique opportunity to lead together through what President Obama has called one of the 'defining partnerships of the 21st century',” she said.
Powell said, "Last year, our goods exports topped $21 billion. Our total bilateral trade in goods and services is expected to reach $100 billion this year. India has leapt from our 25th largest trading partner to our 13th largest trading partner in just over a decade."
She further stated, "We can work together to ensure the best possible infrastructure–including energy infrastructure–here in India, helping drive India toward meeting its pressing infrastructure needs. In particular, U.S. companies want to play a role in the ambitious 5-year plan to build India’s infrastructure. I will welcome a sizable Infrastructure Services Trade Mission to India in October of this year."
"Our universities and researchers can share ideas and breakthroughs to help both our countries be more competitive and innovative in the global marketplace. And, we can work together to fully unleash India’s vibrant spirit of entrepreneurship."
Powell showed ways to support Indo-American partnership, citing travel and tourism to the US as an important way to expand cultural and commercial ties and increase trade growth between the countries.
She said, "US companies have directly invested $30 billion dollars in India over the years. Building on a base of $8.6 billion, Indian business investment in the US during India’s Fiscal Year 2011-12 was less than $1 billion. The United States represents an opportunity and a source for future growth for Indian companies."
"We want to empower more investors to explore our market via the Commerce Department’s SelectUSA initiative. Through SelectUSA, our Commercial Service offices here in India will help Indian businesses that want to expand their global reach and build on their success by investing in America."
"I’m confident that working together we can reduce or even eliminate our challenges in order to take full advantage of the immense opportunities. If we are successful, we will help usher in an era of greater prosperity for people in both countries," she said.