The FINANCIAL -- The U.S. Chamber of Commerce’s President and CEO Thomas J. Donohue embarks on a trade mission to India next week to highlight opportunities for U.S. and Indian companies to increase trade and investment, expand infrastructure, and leverage technology in order to create jobs in both countries.
“By looking to new markets abroad, American businesses remain at the point of the spear in strengthening U.S. international relations,” Donohue said. “In no country is this more evident than in India, but our work is just beginning. India is a vital market for American companies and increasing bilateral trade and investment ties is necessary to driving job creation and innovation in both countries.”
During his seven-day mission, Donohue will meet with top business and government leaders and make stops in New Delhi, Uttar Pradesh, Mumbai, and Madhya Pradesh. He will highlight India’s trillion dollar infrastructure challenge, which he hopes to convert into U.S. business opportunities. “Some of our best capabilities are in developing infrastructure and technologies that India critically needs,” said Donohue. “It’s time to integrate American businesses of all sizes into this supply chain.”
“To create these jobs, we’re urging the governments to not only resist protectionism, but continue to open markets, embrace domestic reforms, and provide global leadership on trade, energy, and the protection of intellectual property,” Donohue continued. He pointed to the growth in two-way trade between the countries, which recently exceeded $40 billion annually and is expected to grow at double-digit rates well into the next decade.
“The private sectors of both our countries have been trailblazers in bringing together the two largest free-market democracies,” he said. “Now it’s time to press our governments toward accelerating mutually beneficial commercial relations.”
A major stepping stone toward expanding trading opportunities and enhancing energy security in India came from the U.S.-India Civil Nuclear Initiative, which the Chamber resoundingly supported. The agreement represents $150 billion in business potential for U.S. companies and could generate as many as 250,000 high-tech American jobs.
“The Chamber will remain at the forefront in the effort to streamline export control rules that are a legacy of the Cold War,” Donohue said. “Many of the problems facing our countries can be solved by prudent application of sophisticated technology. More than ever we need to collaborate as partners in this field. This area has already led to an explosion of growth in U.S. high-tech exports to India. But American businesses believe that there are more opportunities and jobs still to be created by leveraging technology.”
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