For Immediate Release: June 30, 2010
Contact: Mary Trupo (202) 482-3809
Under Secretary Sánchez Unveils New Initiative to Strengthen Commercial Cooperation between the U.S. and India
WASHINGTON – As India’s emerging cities and states prepare for significant population increases in the next two decades, Under Secretary of Commerce for International Trade Francisco Sánchez today announced the Growth in Emerging Metropolitan Sectors (GEMS) initiative at the “Accelerating Inclusive Growth: The Future of the U.S.-India Commercial Relationship” seminar in Washington. The initiative will focus on building commercial ties between the United States and India’s emerging regions.
“The growth in emerging metropolitan sectors like Pune and Nagpur will accelerate and form new markets for U.S. and Indian businesses,” Sánchez said at the event jointly hosted by the U.S.-India Business Council and the Department of Commerce. “Developing the economies of these cities and states is critical as we work together as equal partners with mutual interests.”
It is expected that nearly 600 million people will live in India’s urban areas, with 68 Indian cities surpassing one million inhabitants in each of the next two decades. The annual income of households in cities will grow from about $700 billion today and double every five years and reach almost $4 trillion in 20 years.
“If we can work together to harness the potential of these new areas of growth, we can grow the economies of both of our nations. This is a win-win situation,” Sánchez noted. “These figures represent the changes we are witnessing in the world market and the potential for India’s growth.”
With rapid economic development and a growing middle class, the Indian demand for U.S. goods and services is increasing and bilateral trade is growing as a result. As part of President Obama’s National Export Initiative – with the goal of doubling exports in the next five years – Commerce’s International Trade Administration has targeted India as one of the most promising global markets.
Last November, President Obama and India’s Prime Minister Manmohan Singh announced a new framework for cooperation that inaugurated an environment conducive to technological innovation and collaboration. The framework supports opportunities for trade and investment, especially for small and medium-sized businesses.
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