Indian industry must step up investment in US': Bohigain

New Delhi, Sept.8 : The US can be an attractive investment destination for Indian companies seeking to capture the North American and Latin American markets.

Stating this, David Bohigian, Assistant Secretary of State in the Department of Commerce, said that the US could be a strong market, consuming as it does nearly 42 per cent of all consumer goods produced in the world.

Addressing an interactive session on 'Invest In America' organized by the Confederation of Indian Industry here today, Bohigian said that an added advantage of investing in the US was that it had one of the most productive workforces in the world, offered transparent legal system, strong intellectual property rights protection and best risk adjusted profits.

According to him, investments from India were currently less than 1 per cent of all external investments in the US, however, this figure could change substantially given India's strong economic growth. To knock down the trade barriers and multiply the Indian investments in US by several folds is one his key responsibilities, stated Bohigian.

He also mentioned that Indian companies had made substantial investments in the US in the IT sector and he urged industries in other sectors to follow suit. Mr Bohigian added that, the importance of in-sourcing must also be underscored politically by the government leaders on both the sides.

Bohigian, who focuses on market access and compliance, said that the 'Invest in US' initiative launched last year had three main roles. The first was to communicate in US and around the world the importance of open investing. The second is to continue to create the best policy environment for FDI. The third aspect was the ombudsman role, which helps companies navigate the investment scenario in the US.

Earlier, Hari Bhartia, Co-Chairman and Managing Director of Jubilant Organosys Ltd, outlined how the investment climate in the US had changed and how Indian industry has had tremendous learning opportunities and exposure while working in the United States.

He urged Bohigian to address Indian investors concerns relating to visas and work permits and mentioned that in order to promote Indian investments in the United States, special tax dispensation for investors from the emerging economies like India must be considered by the Unites States' government.

ANI