Kamal Nath calls for new heights in Indo-US partnership

New Delhi, June 28 (UNI) Highlighting the immense scope for greater trade, investment and technology cooperation between India and United States, Commerce and Industry Minister Kamal Nath has called for partnership between the two countries to achieve new heights.

Noting that '' The US is India's largest trading partner and foremost export destination accounting for 16.83 per cent of India's export and around 6.34 per cent of India's imports in 2005-06'', Mr Nath expressed hope that US investors would avail the growing opportunities available in India's agriculture, energy, tourism, civil aviation and other sectors.

Speaking at the Indo-US Business Council at Washington last evening, he said a majority of US firms in India have been reporting double-digit year-on-year growth and highlighted the success of Coke, Bank of America, Citibank and General Electric in India to drive home his point.

Mr Kamal Nath also quoted a Goldman Sachs report predicting that productivity growth will help India sustain an over 8 per cent growth until 2020 and become the world's second largest economy by 2050.

In eleven months between April 2006-February 2007, India's exports to US was 16.9 billion dollars, while imports were valued at 9.2 billion dollars, an official statement said today.

United States is the second highest foreign direct investor in India and FDIs worth 856 million dollars were approved in 2006-07.

Total FDI from USA since India launched herself on the process of economic reforms in 1991 amounts to 5.9 billion dollars, the statement added.

UNI