Enormous potential seen for India-US trade growth
Despite some recent concerns on both sides, representatives of US business and industry are agreed that there is enormous potential for growth in India-US trade and notably job creation in both countries.
This appeared to be the consensus emerging from a roundtable hosted by Ami Bera, the lone Indian-American member of the US House of Representatives, here Thursday for members of the US-India Business Council (USIBC) and the Confederation of Indian Industry (CII).
More than 40 representatives from several industries including technology, manufacturing, agriculture, retail, hospitality attended the round table, according to a statement issued by Bera's office.
"As the world's oldest and largest democracies, the US and India are natural allies," said Bera, who is also a member of the House Foreign Affairs Committee, sharing the insights gained from his recent trip to India.
"Our countries must work together to continue to grow our economic partnership and trade relationship."
"Relations between India and the United States have never been stronger," said India's charge d'affaires Taranjit Singh Sandhu. "Deepening of India-US economic partnership anchors India's strong relationship with the United
"All agreed that the potential for growth - and notably job creation - in both countries is enormous and that the US and Indian governments remain committed to strengthened two-way trade," said USIBC Executive Vice President Diane Farrell.
"The US-India partnership has undergone a fundamental transformation over the past two decades," said Sandhya Satwadi, Director and Head, CII-North America.
"While there are some immediate challenges on both sides, often times the cacophony surrounding short term concerns drowns out the reality of the strength of the partnership," she said.
There are emerging opportunities in sectors like health, clean energy, defense, infrastructure, and agriculture that require renewed focus and engagement from both sides, Satwadi said.
(Arun Kumar can be contacted at [email protected])
(Posted on 07-12-2013)