The Obama administration will encourage American companies to invest in India’s core sectors like infrastructure, power and renewable energy, U.S. Under Secretary of Commerce for International Trade Francisco Sanchez said Monday.
“Infrastructure is the most important area where India needs investment. Within that, power generation and renewable energy — these are areas where the U.S. companies can contribute,” Sanchez, accompanying President Barack Obama on his India visit, told reporters on the sidelines of a conference organised by the Confederation of Indian Industry and the U.S.-India Business Council here.
Asked whether the U.S. had talked to India to allow foreign investment in multi-brand retail, Sanchez said: “Well that’s one of many issues that we should look at, but right now we are focusing on infrastructure. That is the most important area where India needs investment and the United States can contribute.”
Allaying apprehensions of growing protectionism in the U.S., Sanchez said the world’s largest economy would continue to be one of the most open markets in the world.
“The United States is one of the most open markets in the world and we will continue to do that,” he added.