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US firms are optimistic about investing in India, says San Francisco based Indian Consul General

US firms are optimistic about investing in India, says San Francisco based Indian Consul General

India Blooms News Service | @indiablooms | 14 Aug 2020, 06:03 pm

New Delhi/IBNS: India and the United States shares many common interests and a strong bilateral relation, said Dr. T.V. Nagendra Prasad, Consul General, Consulate General of India, San Francisco, recently.

He was addressing participants at a session titled 'India - USA Business Promotion, Challenges, and Opportunities Post COVID19', organised by the New Delhi-based PHD Chamber of Commerce and Industry.

Dr. T.V. Nagendra Prasad said that US firms have an optimistic approach towards investment in India and are looking at India as an engine for growth in the post-pandemic era.

He said, “We have steadily grown our trade relations with each other and are working towards making India's vision to become a USD 5 trillion economy in the near future. Sectors like innovation, entrepreneurship, energy, healthcare, start, service, and aviation have a growing scope that can be explored further.”

He talked about the Indian population residing in the US, in particular San Francisco region of California, and their contribution towards the business, society, and economy.

“We need to accelerate the MSME sector to get on to the manufacturing of parts that is an area to be tapped,” said Dr. T.V. Nagendra Prasad.

Sanjay Chadha, Additional Secretary, Union Ministry of Commerce and Industry, said that the trade divergence has always been there and COVID-19 has given it a further push.

He said that over-dependence on a single country is not desirable and the focus needs to be more on the polarity of production.

Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry deliberated about the bilateral relation of India-US in areas such as energy and security as well as extensions to bilateral economic engagement and people to people contacts.

Amitava Ray, Chairman, International Affairs Committee for Americas, PHD Chamber while giving an overview on the trade relationship shared by two nations mentioned that there has been an increase in the import-export between the nations evidencing greater economic ties between the two countries.

Rashmi Chopra, Co-Chair, International Affairs Committee for Americas, PHD Chamber mentioned that it is the time to convert challenges into opportunities in these times.

She said that it is time that India-USA feeds upon global opportunities looking at the present situation and benefit each other to foster growth and development.

Saurabh Sanyal, Secretary-General, PHD Chamber gave a formal vote of thanks to all the delegates and participants and assured the CGI that PHDCCI would be keen to do Virtual B2B Meet Sector Specific soon in close coordination with CGI, San Francisco.

The session was moderated by Naveen Seth, Principal Director, PHD Chamber, and was attended by over 100 industry stewards around the world.