India and the U.S. are looking at a $500 billion bilateral trade and this can happen through shared commitment in both directions, said Phillip A. Min, Consul General, U.S. Consulate General, Chennai. “$500 billion – that is a tremendous number. India can’t get there alone, nor can the U.S. power the global economy on its own. But together, we are both getting there,” he said at the Indo-U.S. Partnership Conclave, ‘The march towards $500 billion trade’ organised by Indo-American Chamber of Commerce in association with Government of Tamil Nadu and Department of State, United States of America. “Foreign direct investment in India from American investors is looking up, and the competition among Indian states for American investment through new regulatory reforms and improvements in the ease of doing business is very welcome,” he added.
The Consul General said, “Today, we are building on President Obama and Prime Minister Modi’s shared commitment through what Ambassador Verma calls a ‘strategic plus’ partnership — with the plus indicating a broader geographic zone of cooperation and engagement between our two countries in more areas than ever before. Partnership, even a strategic plus one, doesn’t mean we agree on every issue, nor should it. But we have the means and the will to determine the way forward on issues we agree on and to resolve our differences.” According to Mr. Phillip, in the automobile space, U.S. and Indian automotive industries are taking their collaboration and innovation to the next level. “In the health sector, we have been working together to end preventable maternal and child deaths both in India and throughout the rest of the world. We are now facilitating new partnerships to fight cancer, including research, prevention, treatments, and the establishment of the India National Cancer Institute.”
State Industries Ministers M.C. Sampath said that the U.S. is one of the top five countries investing in Tamil Nadu.
The minister also highlighted other areas where U.S. firms can invest in the state. Industries Secretary C.V. Sankar spoke about the upcoming Aerospace Park at Sriperumbudur and also mentioned that the Global Investors Meet would happen in Tamil Nadu in 2017.
