Washington, Jul 1: Develpoment for India"s Tier II cities are not so far! American manufactures plans to focus on investment in the Indian cities like Kochi, Coimbatore, Indore, Jaipur etc.
The new initiative is planned by the US-India Business Council (USIBC) and the Confederation of Indian Industry (CII).
The new move will bring Small and Medium Enterprises (SMEs) into India"s global value chain and also introduce US companies to opportunities in Indian Tier II and Tier III cities.
"The growth in emerging metropolitan sectors initiative will support opportunities for trade and investment especially for small and medium-sized businesses," said Frank Sanchez, US Under Secretary of Commerce for International Trade.
The introduction of American investment in Indian Tier II and Tier III cities will dicrease the pressures on primary urban centres in India. This will result in the inclusive growth for both India and American companies.
"The next phase of growth in India-US bilateral economic relations will come from the Small and Medium Enterprise sector. This platform will provide the much needed impetus," said Kiran Pasricha, Deputy Director General, CII.
There are 3.7 million manufacturers operating in the United States today. So far, only 27 percent of these manufacturers benefit from exports. The goal is to integrate more such American companies into India"s global value chain, and vice versa, leveraging the US-India commercial link , already surpassing $40 billion in two-way trade.