US investment focus group to meet in Delhi

In order to further enhance economic ties between India and the United States and to push deals signed during Barack Obama’s recent visit, an investment focus group including top officials from both the countries will meet in New Delhi soon. According to a US diplomat, the focus area would be on more investments in the infrastructure sector in India.

“The US is seeing a lot of potential in the infrastructural sector in India. Most of the companies there are bullish on the vast market here. So, to boost the trade ties, both the countries are organising the investment focus group soon,” said Jose W Fernandez, Assistant Secretary of economic, energy, and business affairs in the Obama team, who was in Kolkata last week.

During the US President’s three-day visit five months ago -- the longest stay by him in any foreign country – business deals worth $10 billion were signed which are expected to create more than 54,000 jobs in that country. This was regarded as an effort by Obama t.o reassure voters at home that countries like India offer benefits for US jobs rather than causing unemployment through outsourcing. He had also announced that the US would relax export controls over sensitive technology.

“We want the Indian government to facilitate investments by the US companies here. Opportunities are there in financial and basic infrastructure areas. We have to take forward the deals signed during Obama’s visit,” he said.

The trade figures between both the countries stood at $ 48 billion in 2010. “This partnership of global powers should be in a win-win mode. In the focus group meet, power and energy sector will also be discussed. Many US companies have adapted a long-term approach in Indian market,” Fernandez added.

When asked about the business climate in West Bengal after the Nano issue, he said, “I do believe that the state is a nice investment destination and would recommend it to business houses. The US firms look for good human capital and the state has it.”