NEW DELHI: India’s Ambassador to the US Meera Shankar predicts ‘outcomes’ during the visit of US President Barack Obama to India beginning November 6 on the issue of lifting US export restrictions on the sale of dual-use technology to Indian entities.
“When you look at the maximum number of collaboration India companies have, it is with United States.
So I think there is a substantial flow of technology and technological cooperation between the two countries,” said Ms Shankar releasing a report on Indian investments in the US prepared by Ernst & Young jointly with industry chamber FICCI, The US is the still the number one source for technological collaborations for Indian companies, Indian Ambassador to US asserted.
“In terms of further facilitating the trade in high technology and dual-use technology we do expect there will be progress in these areas.
We hope to see some outcome by the way of liberalization of export control regulatory regimes in the US as it applies to India,” Shankar told reporters when asked about her expectations on relaxation of US export control laws which prohibit transfer of dual-use items.
The issue has been a major area of concern for India, is expected to figure prominently during the talks between Prime Minister Manmohan Singh and Obama here on 8 November.
Under the export control regime, the US has a list of entities which whose export to certain countries like India requires clearances.
In the case of India, technology in 10 of the 16 broad areas, including chemicals and biological materials, for the civil industries are affected by this.
These technologies fall under the categories ‘’non- proliferation, national security, missile technologies and crime control’’ by the US administration.
India wants such items to be allowed to be transferred without the requirement of clearances.
Ms Shankar also said both the sides are also likely to finalize an agreement for better and accurate weather prediction tools to help reduce the vulnerability of farmers on monsoon fluctuations.
Two-way trade between India and the United States is expected to reach $50 billion this fiscal, with investments moving in both directions, she asserted.
“We are expecting bilateral trade to grow by 30 percent and reach $50 billion by March 2011,” said Shankar pointing out that Indian foreign direct investment was growing fast in US markets.
Indian companies have created 65,000 jobs, both in terms of greenfield projects and by means of mergers and acquisitions between 2004 and 2009 Indian companies invested US$ 5.5 billion in the US in greenfield projects.
In mergers and acquisition of companies in the US, Indian companies invested US$ 20 billion.