Growing India-US trade to establish ambitious partnerships in the world
US consul general in Kolkata, D Thompson, said that India is a market of great interest for US firms that invest in the research and development of pharmaceuticals, high tech, biotech and green tech, and IT infrastructure, among others.
By Ashoke Nag, ET Bureau | Updated:
KOLKATA: The US and India are establishing one of the most far reaching and ambitious partnerships in the world today. In 2010, India became America's 12th largest trading partner. US exports to India multiplied from $7.9 billion in 2005 to over $19 billion last year, making the US, India's second largest supplier country.
This is what, Dean R. Thompson, US consul general in Kolkata, had to say at a meet in the city recently. The interactive session was fielded by the Bengal National Chamber of Commerce & Industry.
"During the same period, India's exports to America increased from $18 billion to over $29 billion. We are now India's second largest export market. Between 2006 and 2010, foreign direct investment by American firms totaled nearly $6.6 billion. India is a market of great interest for US firms that invest in the research and development of pharmaceuticals, high tech, biotech and green tech, and IT infrastructure, among others," said Thompson.
On a visit earlier this year, assistant secretary of state Robert Blake commented that this country is viewed positively by US businesses "as a vibrant laboratory for research and innovation that will produce tomorrow's goods and services", he said. So, at the highest levels and in increasingly important ways, the US and Indian economies are intertwined. "This is particularly important as both countries confront the increasingly complex economic outlook of the next decade," he said.
"For decades, the US and India looked askance at each other. What a difference some silicon chips, Bollywood-Hollywood collaborations and Pizza Hut and Dominos restaurants can make," Thompson remarked.
According to him, as leading economies with global aspirations and global reach, India and the US will occasionally differ. But the mark of a mature and robust relationship is that those differences are handled through productive dialogue and do not derail efforts on other fronts. This is increasingly the case. Furthermore, India and the US are both responsible democracies that must look after the interests of their respective peoples.
"Domestic political realities are simply something each side will have to deal with and work through. But with continued growth and development of the relationship, progress on challenging fronts is increasingly likely," Thompson summed up.
This is what, Dean R. Thompson, US consul general in Kolkata, had to say at a meet in the city recently. The interactive session was fielded by the Bengal National Chamber of Commerce & Industry.
"During the same period, India's exports to America increased from $18 billion to over $29 billion. We are now India's second largest export market. Between 2006 and 2010, foreign direct investment by American firms totaled nearly $6.6 billion. India is a market of great interest for US firms that invest in the research and development of pharmaceuticals, high tech, biotech and green tech, and IT infrastructure, among others," said Thompson.
On a visit earlier this year, assistant secretary of state Robert Blake commented that this country is viewed positively by US businesses "as a vibrant laboratory for research and innovation that will produce tomorrow's goods and services", he said. So, at the highest levels and in increasingly important ways, the US and Indian economies are intertwined. "This is particularly important as both countries confront the increasingly complex economic outlook of the next decade," he said.
"For decades, the US and India looked askance at each other. What a difference some silicon chips, Bollywood-Hollywood collaborations and Pizza Hut and Dominos restaurants can make," Thompson remarked.
According to him, as leading economies with global aspirations and global reach, India and the US will occasionally differ. But the mark of a mature and robust relationship is that those differences are handled through productive dialogue and do not derail efforts on other fronts. This is increasingly the case. Furthermore, India and the US are both responsible democracies that must look after the interests of their respective peoples.
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"Domestic political realities are simply something each side will have to deal with and work through. But with continued growth and development of the relationship, progress on challenging fronts is increasingly likely," Thompson summed up.
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