US keen to invest in infrastructure, manufacturing sectors – The Hindu Business Line : Mobile Edition
Bid to boost trade with India
The US has expressed a desire to share its expertise in infrastructure and manufacturing with India to build on the growing trade ties.
Penny Pritzker, US Secretary of Commerce, said the two-way trade between India and the US has grown more than five-fold since 2000 to $96 billion with American companies investing $28 billion in India while Indian investment in the US touching $9 billion, supporting about 45,000 jobs.
Addressing an interactive session organised by the Confederation of Indian Industry here on Wednesday, she said India was facing the pressing challenge of building infrastructure. In nearly every sector – roads, power, ports, rail, airports, water and sewage – the Indian Government has identified the need for modern infrastructure. It is estimated that India needs $1.7 trillion in infrastructure investment by 2020, to keep pace with economic growth and urbanisation. “This is an enormous figure and daunting task and American businesses want to help as they have solution and expertise to share,” she said. The US has cutting-edge technology in the fields of energy transportation, ports and airports, freight corridors and urban development, IT and digital infrastructure. Securing a steady supply of energy to India’s villages would transform lives, thus planting the seeds of economic growth in every region, she said.
“Imagine if we helped delivery of energy to the 400 million Indians currently off the grid. We have a vested interest in seeing India succeed, in seeing this nation reach its full economic potential. We are ready to share our best practices. Create a business climate in India that is more open for global investment,” said Pritzker.
The private sectors in both countries have a vested interest in encouraging governments to make progress in protecting intellectual property rights, promoting transparency and ensuring a predictable and consistent investment environment.