US Commerce Secretary assures fast-tracking of investments by Indian industry
New Delhi 28jan. 2015(N4C Desk)- Indian investments in manufacturing and technology deals in the US are set to be fast-tracked as investors have evinced strong interest in the ‘Select USA Initiative’ of President Obama, slated for March this year.
In an exclusive interaction with US Commerce Secretary Penny Pritzker arranged by FICCI, Secretary Pritzker told Indian investors that United States is one of the leading destinations for investment and President Obama takes special interest in Select USA Initiative. She announced the Select USA Investment Summit scheduled for March this year and urged Indian companies to participate in the summit for exploring the investment opportunities in United States.
She mentioned that the financing option from EXIM Bank of India for Indian small and medium sized companies who are interested to expand overseas could be availed of while assuring Indian companies that her Commercial Service team was dedicated towards supporting Indian companies who are planning to expand across sectors in United States.
The US Deputy National Security Advisor for International Economics, Ms. Caroline Atkinson , who was also present at the interaction emphasized that this was the right time for imparting a thrust to US-India bilateral relations. She also enumerated the benefits of participating in Select USA Investment Summit 2015.
Dr. Jyotsna Suri, President, FICCI, while congratulating Secretary Pritzker, who was accompanying President Obama on his official visit to India, said, “President Obama is the first US President to grace India’s Republic Day celebrations and the first US President to visit India twice, during his tenure. India and the US are certainly scripting new bilateral relations.”
The event was attended by Past Presidents of FICCI – Ms. Naina Lal Kidwai, Country Head – India & Director – Asia Pacific HSBC Ltd. R V Kanoria, Chairman & Managing Director, Kanoria Chemicals & Industries Ltd. and Y K Modi, Chairman & CEO, Great Eastern Energy Corporation Ltd. Representatives of several leading companies Indian companies such as Jindal Steel and Power Limited, MRF Limited, Piramal Enterprises Limited and others, also exchanged ideas and suggestions that would pave the way for faster Indian investments in the US. Key industry representatives candidly expressed their ideas with Secretary Pritzker assuring them of all her support.
During the meeting, FICCI and EY presented their report on ‘Direct Investment in United States’ to Secretary Pritzker. Ajay Kumar, Partner – Tax & Regulatory Services, EY said, “In the last two years USA’s share in India ODI has gone from 5.5% to 7.8%. Out of 268 ODI acquisitions 71 were made in the US. We expect big ticket investment in natural resources and pharma. But technology will continue to be the leading sector in terms of number of deals.”