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Issue Date: October 2010, Posted On: 10/8/2010

USIBC to host summit for Obama’s India visit

WASHINGTON -- The U.S.-India Business Council plans to organize a major business summit in Mumbai when President Barack Obama first visits India in November.

The Business and Entrepreneurship Summit in Mumbai on November 6, in partnership with the U.S. Department of Commerce and Confederation of Indian Industry, will highlight the benefits of export-led American growth being generated by India’s rising economy and new purchasing power, the new investment flowing from India reviving American businesses, and the innovation by young entrepreneurs utilizing U.S. know-how and technology, according to the USIBC. 

“This Business and Entrepreneurship Summit in India’s financial capital will be the president’s first stop with the business community in India, enabling the president to experience first-hand the excitement underway, generated by the entrepreneurial spirit that unites our business communities, and which binds our two countries,” said USIBC President Ron Somers. “The fact the president has agreed to address this business summit demonstrates the priority this president places on creating jobs for America by cultivating deeper commercial ties with India, the world's largest free-market economy.” 

“As only the sixth U.S. president to visit India, and the first to travel there during his first term, President Obama’s aspirations for a stronger U.S.-India partnership will help align our two great democracies to shape the economic destiny of the 21st Century,” Somers added. “The commercial focus of this visit will unleash jobs and opportunities that will benefit the American economy at a time when jobs are needed, while providing nurturing collaborations in technology that will ensure inclusive growth in India for decades to come.”

The USIBC is launching its largest and most important executive mission to India to participate in the president’s November 6th visit, according to the group. USIBC’s goal is to greatly enhance two-way trade between the United States and India, which is now more than $50 billion; spur investment by India into the United States; create opportunities for greater U.S. export-led growth of high technology and high-end manufactured goods that will support India’s $1.7 trillion infrastructure build-out; and foster new frontiers of technology collaboration that will help address the global challenges facing both countries -- energy security, food security, water security, and environmental protection.

“The scope for cooperation on every level by our companies and their Indian counterparts is limitless,” said Somers. “Our aim is to organize a business summit that highlights these opportunities for American companies, and which results in new business partnerships and collaborations. 

“One simple example of how a rising India translates into greater prosperity for the United States is Mumbai's new airport, which involved U.S. high-end manufacturing. The largest petroleum refinery in the world at Jamnagar was recently completed by Bechtel. Boeing aircraft are filling India’s skies -- helping India maintain a growing civilian airline industry growing at 30 percent annually. This list goes on and on,” added Somers.

The USIBC pointed out that American companies are exporting billions of dollars worth of goods and services to India, driving growth, job creation, and innovation throughout the United States.  As Indian companies with strong balance sheets continue to invest billions of dollars into the United States, these investments have become important engines for the U.S. economic recovery. The USIBC Presidential Executive Mission and Business Summit will underscore the synergies for growth that bind us as partners and highlight why increased trade and investment is a “win-win” for both countries, according to the group.

This relationship of mutual reward, investment, and discovery will foster new and innovative solutions to key challenges, including clean water, green energy, health care, improved agriculture, technology cooperation, as well as modern infrastructure development -- all areas where American and Indian entrepreneurs can excel together.

“This is the time when the governments and private sectors of both countries must focus on sustained economic growth and job creation. USIBC stands ready with its partners to support the President's ambitious and vital agenda in India,” said Somers.

The U.S.-India Business Council, formed in 1975 to advance commercial ties between the world’s two largest free-market democracies, is hosted under the aegis of the U.S. Chamber of Commerce. The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector and region.

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