India and US look at bilateral investments in the post pandemic world at webinar organised by IACC

As we recover from the COVID-19 pandemic, it has become important to readjust old collaborations in the light of the new emerging world order.

The 'Advantage India' webinar on bilateral investment between the two nations organised by The Indo-American Chamber of Commerce (IACC) was an important step in this direction.

Addressing the participants, Union Minister of Commerce, Industry and Railways, Piyush Goyal, said “The very bedrock for the relationship between India and US is that it's between two democracies - the world's oldest and the world's largest democracy. We both deeply believe in the rule of law, national interests and respect each other's national interests.”

The union minister said that India cannot afford to remain dependent on 'low cost, low quality' products and needs self-reliance, built alongside investment from global partners.

He invited investments, trust and collaboration with countries in North America, South America and Europe.

According to the minister, the ‘Atmanirbhar’ plan is about building this competitive advantage through skilled domestic workforce and availability of certain raw material; for example, he said that sectors like steel, oil and gas, medical devices and manufacturing can benefit and develop through global collaborations.

Said Panjwani, "The world is changing and changing in a way none of us had imagined. Trust, values, ethics and governance are now at the centre stage. Over the centuries, the trade model has evolved from conquering to colonisation to competition & cartels. And now it is time for collaborations.”

He said, "The US is now the largest merchandise trading partner for India, and we're extremely delighted by it. The time is ripe to further expand the exchange between US and India at the political, business and people to people levels.”

Kaku Nakhate, President and Country Head, Bank of America, highlighted how the defence sector could be another such melting pot.

"India incurs a defence capex of $14billion every year. This opens a large potential for US companies to participate in this sector. Our liberal FDI policies and need for import substitution make sectors like defence, electronic manufacturing and pharma the sunshine sectors for Indo-US collaboration,” she said.

Office leasing was another recommendation.

"For the last few years, American companies are leasing office spaces more than Indian companies in India. Gives a clear indication of how serious the US is about India,” said Ramesh Nair, CEO & Country Head, India, JLL.

Chris Franzen, General Manager, Grand Hyatt Hotels, said, "If you do decide to invest in India, my recommendation would be to engage with partners who hold valuable information and experience in navigating the sectors and laws of the respective state. This would ensure you go through the process of opening a company and investing in the country swiftly.”

Concluded Nilesh Vikamsey, Chairman, BFSI Committee, West India Council at IACC, “The launch of the webinar series on Advantage India by IACC will trigger huge investments into India from the world."