US has 'vested interest' in seeing India succeed: Pritzker

US commerce secretary Penny Pritzker was in Mumbai to further the Indo-US commercial interests

US commerce secretary Penny Pritzker said on Wednesday that America had a ‘vested interest’ in seeing India succeed and that her country desired to partner with India in key sectors and see the creation of a business climate which was more open for global investment

“The United States has a vested interest in seeing India succeed, in seeing this nation reach its full economic potential and we want to be an essential partner in meeting your goals,” said Pritzker in her address during an interactive session with members of industry and business organised here by the Confederation of Indian Industry.

Pritzker said her country desired to partner with India in the fields of infrastructure and manufacturing. Besides, the US was also keen to invest in education and skill development, clean energy, water, digital economy and information technology.

Pritzker, who will join US Secretary of State John Kerry on Thursday during the strategic dialogue in New Delhi, said American businesses wanted to help construct 21st-century infrastructure in India.

“The Modi government has identified great needs for modern infrastructure. One analysis estimates that India will need to spend a total of $1.7 trillion on infrastructure by 2020 just to keep pace with economic growth and urbanisation.  Updating India’s infrastructure is essential not just for bolstering business, but also for serving the urgent needs of India’s people,” Pritzker said.

In the manufacturing sector, Pritzker said the US could offer a model for progress by sharing the know-how of its National Manufacturing Extension Partnership network, where experts work with smaller local manufacturers to update their business plans and expand their operations, integrate the latest technologies and help manufacturers address their potential export markets.

Further, the commerce secretary said the US wanted to create a business climate in India which was more open for global investment.

“Indeed, creating a level playing field will help India attract even more investment in communities, thereby creating more jobs and spurring more economic growth,” she opined.

Pritzker informed that two-way trade between India and the US had grown more than five-fold since 2000 and currently stood at $96 billion. American companies have invested over $28 billion in India and Indian investment in the US has reached nearly $9 billion and is supporting upward of 45,000 jobs.