US seeks greater access to Indian market for trade, investment

By: | Published: September 21, 2018 5:45 PM

Seeking greater access to Indian market for trade and investment, the United States Thursday said this would encourage the collaboration on many emerging technologies that will protect and drive the economies of the two nations.

business news, us news, us business news, important news, Indo-America Chamber of Commerce, latest news, important news, trending newsThe annual convention theme for IACC this year is ‘Indo-US economic relations-building a durable partnership’.

Seeking greater access to Indian market for trade and investment, the United States Thursday said this would encourage the collaboration on many emerging technologies that will protect and drive the economies of the two nations.

Addressing the fourth edition of the annual convention of the Indo-America Chamber of Commerce (IACC), US Ambassador to India Kenneth I Juster said India can seize the strategic opportunity, through trade and investment, to become an alternative hub for US business in the Indo-Pacific region. “Further opening India’s market to US trade and investment will spur our collaboration on many emerging technologies that will drive and protect our economies, including those related to advanced manufacturing, cybersecurity, and artificial intelligence,” he said.

The annual convention theme for IACC this year is ‘Indo-US economic relations-building a durable partnership’. Stressing on the critical importance of the United States as a strategic trade partner for India, commerce and industries minister Suresh Prabhu said a vital India-US strategic commercial dialogue will be held in New Delhi in December this year.

“We will have detailed discussion on how to strengthen the commerce tie-up and chart future agenda for both the nations,” said Prabhu. The government has identified some key industries and sectors where it can work in tandem with the US and utilise their high-end technology, the minister said. Stating that a new industrial policy will be unveiled soon, Prabhu said a key thrust in the proposed policy is to reduce regulatory hurdles and encourage adoption of technologies of the future such as artificial intelligence and robotics.

Once the new policy comes into effect, it will replace the Industrial Policy of 1991, he added. Reiterating that India is aiming to become a USD 5-trillion economy in the next seven to eight years, he said that it is expected to be doubled to USD 10 trillion by 2035. Noting that relationship with the US is extremely critical for India, the minister said, “India’s response was measured and it did not levy any retaliatory duties in response to the US sanctions on steel and aluminium importing countries. Instead, we had positive discussions with our US counterparts.”

Addressing the convention, minister of state for corporate affairs P P Chaudhary said that American cooperation in this field of science and technology will catalyse India’s startup ecosystem. The minister also said that the collaboration in information technology, nano- and gene-editing technology will have positive impact on the country’s education sector.

Chaudhary said both India and the US are committed to clean energy, adding, “We are also looking forward to full implementation of the civil nuclear energy partnership and collaboration between Nuclear Power Cooperation of India Limited and Westinghouse Electric Company for the establishment of six nuclear power plants in India.” Once operational, these power plants will go a long way in solving the country’s energy woes and will also help in the conservation of environment, he added.

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