USIBC targets $ 500 billion two-way trade with India

WASHINGTON/NEW DELHI: Seeking to accelerate and advance US-India trade beyond the $ 100 billion mark, a team of top American businesses led by Ajay Banga, MasterCard CEO and USIBC Chairman, arrived in New Delhi today.

This annual visit of Board of Directors of US-India Business Council led by Banga assumes significance this year, as it will venture beyond the traditional stops in Delhi and Mumbai, and would also travel to Lucknow at the invitation of Uttar Pradesh Chief Minister Akhilesh Yadav.

The delegation will push for a pro-growth agenda that has brought two-way US-India trade beyond the $ 100 billion mark, and will aim for $ 500 billion as the next goal.

The UP Chief Minister had reached out to USIBC a year ago seeking American investment in his state, and preparatory meetings were held between USIBC President Ron Somers, Chairman Banga and the UP CM, last October.

"The synergies between the United States and India are well-known: our common inclination towards free-market economic principles and our shared entrepreneurial DNA make for a potent combination, one that can generate opportunity and growth, a "win-win" for our companies and our countries," Banga said.

"When you step back and consider how far US-India relations have advanced in these past twenty years since economic liberalisation, and then appreciate that half of India's population is less than two decades old, the possibilities for commercial opportunity and partnership are tremendous," USIBC president Somers said.

"Y2K, coordinated relief efforts between the Indian and US navies following the 2004 tsunami, civil nuclear cooperation, the Chandrayaan moon launch, and unprecedented defence and security cooperation - these are just some of the numerous areas where Indo-US partnership has changed history in recent years. Like the movie Casablanca, this is the beginning of a beautiful friendship," Somers said.

The USIBC delegation will meet with government officials in New Delhi on March 11 and 12, and have sought a courtesy call with Prime Minister Manmohan Singh to convey US business solidarity with India.

The delegation will then fly to Lucknow, leading a 35-member blue-chip US industry delegation, where USIBC will co-host with Confederation of Indian Industry on March 13, the first-ever US-India Business Summit in the Uttar Pradesh capital, entitled, "Destination Uttar Pradesh: Investing in the Future."

The US-India Business Summit will be inaugurated by the UP Chief Minister.

The USIBC delegation will discuss the findings of the day-long programme and present an Agenda for Progress to the Chief Minister at the close of the day, setting benchmarks and laying out a road map to facilitate US investment in Uttar Pradesh.

The USIBC Board of Directors will then travel to Mumbai to attend meetings with RBI, Securities and Exchange Board of India and captains of Indian industry, hosting a media interaction and reception with partner CII.