Fairfax County in US beckons India Inc to invest

Bangalore, Nov 6: Fairfax County in Virginia state Friday invited India Inc to explore business opportunities in the US by investing in the county, especially in defence and aerospace sectors.

"Proximity to Washington DC provides Fairfax Country huge potential for Indian enterprises, especially small and medium enterprises (SMEs) to expand their businesses in the US," service law firm Patton Boggs' foreign affairs advisor Frank G. Wisner said here at an interaction, organised by the Indo-American Chamber of Commerce (IACC).

Addressing members of the IACC on 'The state of Indo-US relations and the economic opportunity', the former US envoy to India (1994-97) said both the countries should unearth opportunities that serve their mutual interests.

"Since India is ascending as a major contributor to the world economy, mutual cooperation is important. In spite of differences, there is always possibility of dialogue, understanding and negotiations to help us reinforce the economic growth of both the countries," Wisner averred.

Noting that there was vast scope for bilateral cooperation in the areas of IT, life science, education, energy, infrastructure and aerospace industries, Wisner said SMEs from these sectors have great opportunities to bag business from large defence and aerospace firms in the US.

IACC (Karnataka chapter) chairman Raj Rajkumar said the investment potential in the Fairfax County was huge for Indian companies in diverse areas and in creating jobs for US citizens.

"We are in the Indo-US business relationship 3.0, which is reflecting in the outbound investments from India to the US in the first nine months of 2009. Some of the investments are in the order of $50 million," Rajkumar pointed out.

The IACC also told the county delegates to invest in India in sectors like education, infrastructure, energy, aerospace and healthcare.

"We believe India is a great destination for US investments as our country provides amongst the best potential business opportunities and return on investments," Rajkumar added.

Business delegates from the Fairfax county economic development authority, representing sectors such as IT, aerospace, telecom and venture capital participated in the round-table event.