New York, June 25 (IANS) The
economic downturn has not dimmed the enthusiasm for US investment in
India, or for Indian investment in the US, it emerged from a meeting the
new president of the Confederation of Indian Industry (CII) K.V. Kamath
had with the board of directors of the US-India Business Council (USIBC)
here.
Kamath, chief executive of the ICICI Bank, stated that "the economic
downturn offers both our establishments the opportunity to harmonise
structures and regulations that will ensure that investing in one
another's economies becomes easier and more robust as we look ahead to a
promising and bright future".
CII is one of India's leading business associations comprising thousands
of Indian companies.
Former USIBC chairman, Charles "Chip" Kaye, co-president of Warburg
Pincus and the largest US private equity investor in India, said: "USIBC's
role in the coming year must be to make investors aware of opportunities
for investment in India's soft and hard infrastructure. To that end, we
are planning a 'Green India' Summit on October 15 in Washington DC, with
CII to showcase the numerous opportunities for investment in India,
matching these with America's best environmental technologies."
USIBC and CII discussed the ways to remove barriers and enhance
investment in both economies, a press release said Tuesday.
Frank Wisner, former US ambassador in India, said: "As we sort through
the financial turmoil that has affected the world markets, and as both
our countries prepare for national elections, we must engage in
constructive work that will lay a foundation upon which we can build a
durable relationship for decades to come."
Speaking about the recent Goldman Sachs report, titled "Ten Things for
India to Achieve its 2050 Potential", Kaye focused on how US firms could
be helpful in raising the educational achievement in India and
increasing the quality and quantity of universities.
CII's leadership too seeks to encourage programmes in India to raise
educational standards and to work towards policy changes that will
enable leading foreign universities to set up base in India.
Kamath planned to visit some New York institutions to assess the state
of the US economy and US investor interest in India.
He is also scheduled to visit Washington to take the pulse of the
political climate in the country which is preparing for the presidential
election in November.
The USIBC celebrated its 33rd anniversary with a "Global Partnership"
Summit in Washington. Indra Nooyi, USIBC's new chairman, plans to launch
a USIBC Executive Mission to India in late September.
The USIBC, formed in 1975 at the behest of the US and Indian
governments, is the premier business advocacy organisation representing
260 of the largest US companies investing in India, joined by two dozen
of India's largest global companies.
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