Indo-US business opportunities poised for higher growth

Kolkata, Mar 07 (UNI) Close economic relation between India and the USA has resulted in the growth of bilateral trade between the two largest democracies by 99 per cent to 21 billion dollars per annum since 2003-04, surpassing previous records.

This was disclosed here today by(Retd)Lieutenant General Dan Christman, Senior Vice-President,American Chamber of Commerce at the inauguration of an Indo-US Economic Cooperation meeting,organised under the aegis of Confederation of Indian Industry(CII),Eastern Region.

Leading a ten-member high power business delegation from his country to a week long visit to New Delhi,Kolkata and Chennai to explore business opportunities,Lt Gen Christman said in tune with the best of diplomatic relations between the two countries,the US-India trade volume had also reached an all time high last year(to 21 billion dollars)with the balance of trade slightly tilting in favour of his country.

He said the current fiscal was in fact a record breaking year when sales of US goods and services to India went up by 32 per cent and the Indian exports to the USA increased by about 24 per cent.

Claiminig that USA was still India's largest trading partner and foremost export destination,Lt Gen Christman,however,regretted that despite the last few years' stupendous growth,India accounted for only 1.06 per cent of America's global trade.

"There is therefore an ample opportunity to further increase the two way trade, particularly in the areas of security cooperation, financial services,food processing and the retail service sectors,Lt Gen Christman pointed out.

Referring to US Assistant Secretary of State Richard Boucher's positive remaks following his recent visit to West Bengal and the subsequent appointment of a Principal Commercial Officer in the city, he said it had also opened up a new window of opportunity of harnessing increased business relations with several American companies,particularly in the small and medium sectors.

Later speaking to newsmen on the sidelines of the meet,Indo-US Business Council Chairman Ron Somers, also a member of the delegation hinted the American Real Estate giant WIRE Group's decision to invest about one million dollars in different projects in India under various joint venture initiatives by next year.

He said as part of the joint initiatives a number of IT parks and phramaceutical units would come up in different parts of India Including Karnataka,Tamil Nadu and West Bengal within the next one year.

Referring to West Bengal, he said,the WIRE Group was looking for suitable land at Rajarhat and had already applied to the West Bengal Industrial Development Corporation(WBIDC)for its immediate allocation for the proposed IT Park.

Moreover,Johnson and Johnson,another leading US based (pharmaceutical) company,was interested in establisahing a modern clinical test laboratory in Kolkata,the USBC Chief pointed out.

Meanwhile,in order to discuss the issue of further investment opportunities in West Bengal the delegation members would have a separate meeting with Chief Minister Buddahadeb Bhattacherjee and Industries Minister Nirupam Sen tomorrow.

Earlier, referring to the huge of scope furthering the Indo-US relations to new high in the wake of new found opportunities, Chairman of CII Eastern Rgioin Bhusan Riana referred to the recent visit of a number of US delegations to India which resulted in the setting up of their Indian branches by more than 200 US companies.

Among others West Bengal Chief Secretary Amit Kiran Deb and Principal Secretary,Commerce, Sabyasachi Sen addressed the meeting.

UNI