State of Maryland opens Trade Office in India

Bangalore, May 29: The Maryland India Center (MIC), the official trade office of the State of Maryland, is pleased to announce the opening of their first India office.

The Maryland India Center has been formed to promote trade and encourage closer economic ties between India and Maryland. "The State of Maryland has made a concerted effort to be at the forefront of the remarkable transformation taking place between India and the United States. This trade office is only the latest in an impressive list of activities we have conducted jointly with India.

Within this past year, we hosted the Global IIT 2005 Alumni Conference in Maryland, participated in the Biotech 2005 International Conference in Mumbai, and brought a delegation of businesses to the Indo-US Science and Technology Forum on Nanotechnology Technology in New Delhi," said Derek Mohre of the State of Maryland Department of Economic and Business Development.

MIC is the first state trade office of its kind in India. Its primary mission in the initial stage of operation will be to facilitate interaction between Indian and Maryland businesses and serve as an incubator for Maryland companies looking to set up operations in India. To this end, the office, which is located in the heart of Bangalore's business and commercial MG Road district, will provide incubation and consulting services to Maryland businesses as they explore the Indian market.

According to Sheila Khatri, Executive Director of MIC, "We have picked Bangalore as the location for our first office because of the synergy between the kinds of businesses concentrated here and those located in Maryland."

Both regions show a strong presence in the defense and aerospace sectors. Maryland is home to large aerospace companies like Lockheed Martin, Northrop Grumman and ARINC.

Additionally, Bangalore is the hub of biotech activity in India. In the US, one of the largest concentrations of biotech companies and federal research facilities in the biosciences occurs in Maryland (with 350 biotech companies located in the state, Maryland has the fastest growing cluster in this sector). The state has invested 0 million in creating an infrastructure that is conducive to research and development in the biosciences.

In the IT sector as well, Maryland is an attractive proposition for Indian software companies. The U.S. government represents more than 12 percent of the world software market and key federal agencies and facilities are located in and around Maryland. The state adjoins Washington DC, the capital of the United States and home to most federal government offices.

"However, let me make it clear that the activities of MIC are not limited to Bangalore but encompass all of India," continued Sheila Khatri. "We are already receiving enquiries from the telecommunications, finance and manufacturing sectors in Maryland for which we have contacted Indian companies in New Delhi and Mumbai. And from the Indian side we are witnessing interest in the Maryland film industry which offers not only excellent locations for filming but great facilities for editing and post-production work. In fact, few people in India know that Maryland is often called the Hollywood of the East."

Maryland, with its excellent port facilities and an international airport, offers a good opportunity to foreign companies looking to use the State as a gateway for their goods and services to the larger US market. Federal funding is available for several projects and business incubators of different kinds, including wet labs for work in the biosciences, can be made available by the State. Many entrepreneurs, including Indians, have and continue to take to take advantage of these services. Comprehensive information on doing business in Maryland and the business services offered by the State is available on the website www.choosemaryland.org

Meanwhile in Bangalore, the calendar of the newly operational Maryland India Center is already beginning to fill up. Two trade delegations to Maryland, in aviation and in films, are being organized. The Center is working with several different companies from Maryland that are looking to set up operations in India in the near future. Plans are also afoot to participate in a finance related trade show in Mumbai and an aviation industry event in the coming year. "We are happy to have hit the ground running" concluded Derek Mohre.

OneIndia News