- Indo-US Annual Convention in Mumbai to Flag New Frontiers of Cooperation
Mumbai, September 4, 2017: The Indo-US economic engagement is entering an exciting trajectory riding on the back of India’s decision to import crude from the US for the first time, scouting of US firms to enter into renewable energy segment taking advantage of recent policy relaxations and increased cooperation between the two countries in defense, aerospace and digital space, according to a Perception Analysis carried out by Indo-American Chamber of Commerce (IACC).
An area that has been engaging considerable attention of both countries is augmenting bilateral trade to reach US$ 500 billion by 2022. India’s decision to import crude oil from the United States, for the first time, is a path-breaking step coming close on the heels of Prime Minister Narendra Modi’s visit to the US in June this year, when President Donald Trump said his country looked forward to exporting more energy products to India. IOC bought 1.6 million barrels of US Mars crude, a heavy, high-Sulphur grade and 400,000 barrels of Western Canadian Select. With the prices of shale gas going south, India’s import of crude and other petroleum products from the US will go up in the coming years.
“There are many indicators that confirm heightened economic cooperation between the two countries in the recent times. The invitation of the Trump Administration to India to partner with it in the economic reconstruction of Afghanistan and to open up a logistics corridor for India to enhance its economic engagement with the West are highpoints in the growing economic relations. The conscious decision of the US to engage with India in defense production to meet not only the domestic requirements but also for catering to third country requirements augurs well,” says Mr. NV Srinivasan, National President, IACC, while explaining the major findings of the Perception Survey.
Importantly, many of the evidenced positive vibes in the bilateral economic relations will echo at the forthcoming Annual Summit of IACC to be held on 18-19 September 2017 in Mumbai. The two-day convention is aptly titled as “Taking US-India Economic Relations to the Next Level”. To be attended by over 300 delegates drawn from India and the US, the two day event will discuss a host of issues including funding of Indo-US ventures, cooperation in infrastructure, inland transport, ports, roadways and logistics, handholding in digital space, tourism, hospitality, energy security, agriculture and a host of others critical areas, where breakthroughs are unfolding.
To be addressed by representatives of governments and the private sector from India and the US at various sessions of the convention, the event will provide an effective forum for stock taking the progress so far, cataloguing the wish lists from both countries to be presented to administrations of both countries, cross-fertilization of ideas and evolving roadmaps for chasing the agenda in a time bound manner.
The dignitaries to attend the two-dace conclave include Mr. Nitin Gadkari, Union Minister Road Transport, Highways & Shipping, Maharashtra Chief Minister, Devendra Fadanvis, Mr. Ashok Lavasa, Union Finance Secretary, Mr. Sanjay Bhatia, Chairman, Mumbai Port Trust and Ms. Aruna Sundararajan, Secretary, Ministry of Communications Department of Telecom, Govt. of India.
The respondents to the Perception Analysis hail the recent statement of President Donald Trump that India and the US should come together more closely in the regional development of South Asia. This underscores the scope and prospects open to both countries to cooperate in a range of sectors like defense, information technology, education, research and development and importantly manufacturing.
Respondents to IACC survey also pointed out that US businesses latest efforts to capture a slice of the renewable energy equipment market in solar and wind energy in India is a step in the right direction. The Export Import Bank of the US is working with a number of renewable energy companies in the US, which are looking to increase their business in India. Significantly, China is a major player in both these segments in India.
Respondents to IACC survey also has pointed out some concerns that have to be addressed in a time bound manner. Foremost among them are the visa restrictions to the Indian IT professionals and entrepreneurs, earliest conclusion of the Totalization Agreement and Bilateral Investment treaties, data protection laws, infrequent hand holding of small and medium enterprises in both countries, and inadequate flow of US investment into India in the promising sectors like manufacturing, infrastructure and tourism and hospitality.
“It appears that India has to make a sincere effort to reach out to US investors. IACC, through its flagship events like the Annual Convention, is trying to sensitize an expanding number of US investors to focus on India plans,” says Mr. Srinivasan.
About Indo American Chamber of Commerce:
The Indo-American Chamber of Commerce (IACC), established in 1968, is the apex bi-lateral Chamber synergizing India-US Economic Engagement. It was started by Ambassador Chester Bowles along with the then Industry leaders and visionaries like Mr. S L Kirloskar, Mr. Harish Mahindra, Mr. H. P. Nanda, Mr. Ambalal Kilachand, Mr. A. M. M. Arunachalam, Mr. Frederick Fales and Mr. John Oris Sims for enhancing US India Economic Engagement. Today IACC has pan India presence with 2400 members at 12 locations, representing cross section of US and Indian Industry. The major objective of IACC is to promote Indo-American business, trade and economic relations. IACC promotes bilateral trade, investment and technology transfer, facilitates business collaborations, joint ventures, marketing tie-ups and strategic alliances through a set of proactive business-oriented initiatives.
IACC acts as a catalyst for sustainable growth of business between India and the US. In its four decades of existence, IACC has established operational connectivity with a host of business, research and developmental institutions in India and US in order to leverage each other’s capabilities for enhancing Indo-US business relations. The Chamber continuously interacts with the Indian and US Governments, and provides them feedback on bilateral issues relating to trade and investment. In essence, IACC also acts as a forum for its member companies to interact with senior functionaries of both the Governments. IACC member companies are involved in a cross-section of business domains such as manufacturing, engineering, construction, consumer goods, electronics, IT, pharmaceuticals, consulting, travel and tourism, etc.
The geographical spread of IACC is unique as it operates through 12 offices located throughout the country. These are in Ahmedabad, Bangalore, Bhubaneswar, Chennai, Cochin, Delhi, Hyderabad, Kolkata, Mumbai, Pune, Varanasi & Patna.