'Tap potential of US, India SMEs to reshape global value chain'

Small and medium enterprises of the US and India today said both the countries should tap the potential of SME sector to create jobs, increase investments and spur economic growth.

During the inaugural meeting of the recently launched Indo-US Small and Medium Enterprise (SME) Forum, participants spoke about the vast potential of the sector to enter and reshape the global value chain, creating mutually beneficial opportunities for both the countries.

"It is critical that small and medium-sized enterprises are able to participate in the extraordinary growth story unfolding in India," US-India Business Council (USIBC) President Ron Somers said.

"By accessing new and exciting markets, these companies will help drive growth, innovation and job creation here in the US. USIBC and CII will help these companies in finding new opportunities in India's fast-growing Tier-II and Tier-III cities," Somers said.
    
There are 3.7 million manufacturers operating in America. So far, only 27 per cent of these manufacturers benefit from exports., he said.
    
"The goal is to integrate more of these types of American companies into India's global value chain, and vice versa, leveraging the US-India commercial link already surpassing $40 billion in two-way trade," a statement said.
    
USIBC stands ready to support President Obama's upcoming visit to India by creating new opportunities for American and Indian companies and strengthening bilateral trade and investment.
    
"This is the time when the governments and private sectors of both the countries must focus on growth and job creation," Somers said.