The Hindu : Business : India invites U.S. investments

Online edition of India's National Newspaper
Friday, Jun 29, 2007
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Business

India invites U.S. investments

WASHINGTON: Marketing India as a lucrative investment destination, Commerce and Industry Minister Kamal Nath has invited investments from U.S. firms in sectors like agriculture, energy and civil aviation.

“A majority of U.S. firms in India have been reporting double-digit year-on-year growth... there is immense scope to have greater trade, investment and technology cooperation between India and the U.S.,” he said adding that American investors needed to avail themselves of the growing opportunities in India’s agriculture, energy, tourism and civil aviation sectors.

Speaking at the plenary session on ‘Listening to one another — the importance of a deeper trade relationship’ of the Indo-U.S. Business Council here on Wednesday, Mr. Kamal Nath said the U.S. was India’s largest trading partner and foremost export destination, accounting for 16.83 per cent of India’s exports and around 6.34 per cent of its imports in 2005-06.

An official statement quoted Mr. Kamal Nath as saying that companies like Coke, Bank of America, Citibank and GE had been operating successfully in the country.

The Minister also quoted a Goldman Sachs report predicting that productivity growth would help India sustain over 8 per cent growth till 2020 and it would become the world’s second largest economy by 2050. The U.S. is the second highest foreign direct investor in India.

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