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India 'Priority Country' at US Investors' Summit: Consul

Richardson said US President Barack Obama had put stress on enhancing the annual bilateral trade to USD 500 billion from the current USD 100 billion.

Published: 11th February 2015 10:50 PM  |   Last Updated: 11th February 2015 10:53 PM   |  A+A-

obama
By PTI

AHMEDABAD: Camille Richardson, commercial consul at the US consulate in Mumbai, today said India was priority country for the 'Select USA Investment Summit', to be held in Washington in March.

"This year, 2,600 delegates from around 70 countries will take part, while India is priority country of those 70 countries and Gujarat the priority state," said Richardson, speaking to reporters here.

Richardson and vice president of US-India Investors Forum' (USIIF) Manoj Gurusahai were in Ahmedabad to address a seminar at Gujarat Chamber of Commerce and Industries.

They briefed GCCI office-bearers about the summit, to be held on March 23 and 24 in Washington.

When asked why India was chosen as priority country, Richardson said US President Barack Obama had put stress on enhancing the annual bilateral trade to USD 500 billion from the current USD 100 billion.

 "At present, Indian investment in USA is about USD 11 billion, which provides employment to around 44,000 Americans. Besides, India and USA have growing relations, as the secretary of commerce and secretary of states have visited India and the US President Barack Obama also visited India twice," she added.

Indian investment makes up 25 per cent of the entire foreign investment in USA in small and medium enterprises, while Gujaratis contribute 50 per cent of the Indian investment, said Richardson.

The first investor summit was held in October 2013.

Manoj Gursahani, vice chairman of US India Investors Forum, said the summit will focus on connecting SMEs from India to their counterparts in USA.

"Small and medium enterprises require hand-holding and meeting with their counterparts in USA and this summit will give them that opportunity," Gursahani said.

GCCI will sign a memorandum of understanding with the US India Investors Forum to encourage small and medium enterprises, he added.

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