Indian companies secured USD 3.4 billion in deals and investments in the US in the past year alone at the SelectUSA Investment Summit, said US Ambassador to India, Eric Garcetti highlighting India’s growing role in the US economy.
Speaking at the US-India Business Council (USIBC) hosted the event on the ‘Promise and Prosperity of the US-India Relationship on Thursday, Mr Garcetti commented on the broader impact of these investments and stated, “American investments create jobs for Indians – it is one of the most positive things in India today – but Indian investments are creating jobs for Americans as well.”
Mentioning the SelectUSA Investment Summit, Mr Garcetti stated, “Our collaboration has also led to some new pinnacles of economic integration. And the stats speak for themselves. In June, we had, for the second year running, the most delegates from any country in the world at our annual – led by my dear friend Secretary of Commerce Gina Raimondo – Select USA conference, where more people came from India than any other country in the world, two years running.”
“In fact, this year the Indian delegation was the most from any country in history. They also had the most dollars of deals and investments in America: USD 3.4 billion last year as a result. Just at Select USA. And that doesn’t capture all the Indian investments. These are investments in everything from steel in Texas, electrolyzers in North Carolina, steel plants that were closed down in Ohio and mines in Minnesota, services and biotech in New Jersey and of course in California, my home state. Investments in everything from agriculture and food products to high-tech innovations in AI and quantum,” he added.
Notably, the SelectUSA Investment Summit is the highest-profile event in the United States to facilitate business investment by connecting thousands of investors, companies, economic development organizations (EDOs), and industry experts to make deals happen.
Emphasising the need to lower tariffs increase trade and make it more fair and equal, Garcetti stated “We need, together, to lower tariffs, not to see them go up. We need, together, to increase trade and to make it more fair and equal. We need to, together, make sure that there’s training and talent that meets the needs of companies on both sides of the Indo-Pacific.”
Highlighting the successful resolution of trade disputes between the two nations he stated, “From food and beverage to solar energy, the United States and India have overcome trade barriers. And as soon as I got here, and thanks to Minister Goyal, we sat down and got rid of every single one of the seven trade disputes that we inherited when it came to the US And India.”
“Which meant that Indian metals could come back to the US more freely, and almonds and walnuts from my state, apples and lentils from Washington. Tens of millions, if not more than a hundred million of increased agricultural purchases here came as a result of that. And we not only dropped every outstanding dispute at the WTO that we had, we addressed nearly 70 market access, trade, and investment issues for US companies here in India,” he added.
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