Bilateral trade was expected to cross $ 100 billion soon
Nearly a dozen businesses in Coimbatore have been able to establish U.S. connections in the last one year with assistance from the U.S. Consulate in Chennai.
Jennifer A McIntyre, the U.S. Consul General in Chennai, said at a seminar on “Evolving Business Opportunities in Indo-U.S. Trade” organised here on Friday by the Indo-American Chamber of Commerce that an American Business Corner was established at the Coimbatore District Small Industries Association last year. Now, there were nine such centres in the country. These provided information on the U.S. companies through booklets, brochures, magazines and CDs.
While most of the foreign direct investment by the Indian companies in the U.S. was in the financial, IT and business services, several other sectors were also competitive and there were opportunities for them to invest in the U.S. Bilateral trade between India and the U.S. was expected to cross $ 100 billion soon.
However, India was only the 13th largest trade partner for the U.S. There were several opportunities to increase bilateral trade.
The U.S. Commercial Service would be able to help companies here by establishing links between them, organising buyer delegations to the U.S., providing trade finance support, and imparting trade education, she said.
A. Sakthivel, president of the Tirupur Exporters’ Association, said that the major brand stores and retail chains in the U.S. sourced garments from India.
The Apparel Export Promotion Council was taking steps to increase production of garments using manmade fibres and thus facilitate the Indian garment exporters to increase their exports to the U.S. Now they exported only cotton-based garments and hence it was only seasonal supply. When the U.S. retailers invested in India, they would source more from the local manufacturers and this would offer more opportunities for the garment manufacturers in Tirupur and Coimbatore.
T.N. Venkatanarayanan, chairman of the Indo-American Chamber of Commerce (Tamil Nadu), said that Indian companies need to invest in other countries to have access to knowledge of new technologies and new markets.