Wednesday, November 16, 2011

US focusing to invest in Coimbatore SME, 3rd largest investment in India!!

Coimbatore and U.S. businesses can work together in several areas and this will help the industries here achieve their ambitious development goals, Jennifer McIntyre, U.S. Consul General in Chennai, said here on Friday.

Addressing Coimbatore industrialists at a meeting organised by the Indo-American Chamber of Commerce, she said that U.S. companies would be able to partner with Indian high-technology companies to build high-speed infrastructure.

Bilateral trade and U.S. investments in India had grown manifold. In order to achieve and realise the next level of relationship, the two countries should build on several natural platforms, such as human development, and in the fields of education, women empowerment, and health where Coimbatore was making impressive strides. People-to-people connections would help build mutual understanding and trust.

In the coming years, cities such as Coimbatore would play a key role in increasing commercial and transit linkages throughout South Asia. The U.S. was committed to expanding bilateral economic ties with India.

It was the third largest foreign direct investor in India, with substantial investments in computer software and hardware, telecommunications, housing and real estate and construction. In 2010, the U.S. provided over 27 billion dollars of FDI.

Through a U.S. – India initiative called the economic and financial partnership, the U.S. government was working with India to develop financial instruments and public-private partnership models to mobilise the significant private capital needed to build the India of tomorrow.

On the bilateral trade, exports from the U.S. to India had quadrupled over this period, while Indian exports to the U.S. has grown by over 180 per cent. However, despite the increase in bilateral trade, India was only the 12th largest trading partner for the U.S. “Given the size of our respective economies, we must do better. Both of our markets have enormous untapped potential,” she said.

James Golsen, Principal Commercial Officer, US Consulate General, Chennai, said the Consulate worked with Indian businesses on several areas. It provided basic introductions, especially for the small and medium scale units, and organised Indian delegations to the trade shows in the U.S.

It also arranges trade finance. Trade between India and the U.S. was growing dramatically. Several multinational companies were already present here and now the U.S. small and medium-scale enterprises should come here, he said.

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