U.S.-India Business Council’s Delegation to Vibrant Gujarat
Hosts U.S. Secretary of State John Kerry
USIBC
members brief John Kerry, Secretary of State, and Catherine Novelli,
Under Secretary of State for Economic Growth, Energy, and the
Environment at Vibrant Gujarat
January 12, 2015 – Ahmedabad, India: On the sidelines of the 7th Vibrant Gujarat Summit, U.S. Secretary
of State John Kerry met with the USIBC Business Delegation to discuss
how India and the U.S. can boost bilateral trade-ties.
The
meeting held strategic importance, coming just two weeks prior to
President Obama’s anticipated arrival as the Chief Guest for India’s
Republic Day on January 26.
Reaffirming
the U.S. Government’s commitment to expediting opportunities for
collaboration and shared growth with India, Kerry assured business
delegates that the Obama Administration is engaged in high-level talks
on matters related to trade and security. U.S. industry applauds the
Secretary’s focus on economic issues, including his leadership in
forging the way for a U.S.-India
bilateral investment treaty (BIT). “USIBC is delighted to know that
the BIT was discussed between Prime Minister Modi and Secretary Kerry at
Vibrant Gujarat. When
making investment decisions, companies need an environment that is
predictable, transparent and consistent. A bilateral investment treaty
between India and the U.S. would create this environment and
significantly increase investment flows,” Diane Farrell, Acting President, USIBC, said.
Earlier
in the meeting, Under Secretary of State for Economic Growth, Energy,
and the Environment, Catherine Novelli held a breakfast roundtable with
senior executives representing a broad spectrum of sectors. U.S.
Ambassador to India Richard Verma, U.S. Consul General from Mumbai Tom
Vajda and Arun Kumar, Assistant Secretary of Commerce for Global Markets
and Director General of the U.S. and Foreign Commercial Service also
joined the meeting. Expressing optimism, the business group remarked
that the timing couldn’t have been better to re-look at several areas
where regulatory roadblocks have impeded growth in recent years. Among
top priorities discussed, USIBC members felt that tax, labor and land
reforms, long term infrastructure financing, movement of capital and
increasing FDI in key sectors would increase investments in India. It
was suggested that the definition of R&D be broadened to spur
further innovation in order to leverage the full potential of the talent
pool India has to offer.
Diane Farrell, Acting President, USIBC,
added, “The U.S. business community is very excited that Mr. Obama is
making history by visiting India for the second time during his
Presidency. We are keen to leverage the President’s visit to push for a
deeper partnership. Initiatives like Make In India, Digital India, and Smart Cities are just some of the great opportunities where U.S. companies can truly partner in India’s growth.”
About U.S.-India Business Council (USIBC):
Formed
in 1975 at the request of the U.S. and Indian governments, the
U.S.-India Business Council (USIBC) is the premier business advocacy
organization advancing U.S.-India commercial ties. Today, USIBC is the
largest bilateral trade association in the United States, with liaison
presence in New York, Silicon Valley, and New Delhi, comprised of 310 of
the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay
Banga, President and CEO, MasterCard.