For Immediate Release: February 24, 2012
Contact: Mary Trupo (202) 482-3809
Obama Trade Official Concludes Successful Trade Mission to India By Promoting Foreign Direct Investment
MUMBAI, India –Under Secretary of Commerce for International Trade Francisco Sánchez today concluded a week-long trade mission to India by discussing the Obama Administration initiative, SelectUSA, to an audience of U.S. and Indian businesses and organizations.
“America is an ideal place for businesses to invest,” Sánchez said. “The United States offers many advantages as a location for business and investment such as a vast domestic market, a transparent legal system, and the most innovative companies in the world. We encourage Indian investors to take a look at what we have to offer.”
SelectUSA, housed within the International Trade Administration, encourages, facilitates and accelerates business investment in the United States. The total stock of Indian Foreign Direct Investment (FDI) in the U.S. grew over 90 percent in 2010, reaching $7.1 billion. In 2009, U.S. subsidiaries of Indian-owned firms employed 32,000 U.S. workers and contributed $697 million to U.S. exports. The top sectors for Indian FDI include the wholesale trade, technical services and information industries.
Sánchez also took part in the ribbon cutting ceremony of the U.S. and Foreign Commercial Service’s new Trade Information Center (TIC) located in the new U.S. consulate in Mumbai. He said CS Mumbai is at the forefront of National Export Initiative efforts in India and that the new TIC is expected to strengthen CS Mumbai’s ability to provide useful information to both American and Indian clients.
Additionally, Sánchez and representatives of the 12 U.S. organizations participating in the ports and maritime trade mission attended an event hosted by the Federation of Indian Chambers of Commerce and Industry. There, Sánchez emphasized the importance of bilateral trade and discussed the need for increased India-U.S. commercial cooperation.
“As the U.S.-India bilateral relationship continues to grow,” said Sánchez, “It is my hope that our two countries will reap the rewards of increased trade and investment in terms of job creation and an improved standard of living.”
The India Ports Mission is the first in a series of events planned for 2012 designed to expand U.S. export opportunities within India’s infrastructure sectors. Commerce Secretary John Bryson will lead a high-level trade mission to Delhi, Jaipur, and Mumbai, March 25-30. It will be Bryson’s first mission as Commerce Secretary.
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