Multani sees US-India global partnerships
US companies have an optimistic approach towards investment in India and are looking at the potential of the Indian economy as an “Engine for Growth Post-Pandemic Era”.
This was stated by Dr. T.V. Nagendra Prasad, Consul General, Consulate General of India, San Francisco, at a virtual session organized on 12 August 2020.
With strong convergence of interest across USA and India, both the nations enjoy the strongest bilateral relations, he told delegates at the PHD Chamber of Commerce and Industry session on ‘India – USA Business Promotion, Challenges, and Opportunities Post COVID19’.
Dr. Prasad apprised about the diverse relations shared by the two countries.
“We have steadily grown our trade relations with each other and working towards making India’s vision to become a US$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.
Giving an overview of the geography and business development of the USA, he talked about the massive Indian population residing in the US, in particular the San Francisco Region of California, that has been contributing towards the business, society, and economy.
The USA looks at India as a country where they are connected and expand their businesses.
The pandemic will have different opportunities for the two nations leading to the growth and development of both nations.
There will be a change in the business models and how they can leverage where the USA can play a pivotal role.
“We need to carefully calibrate our responses and witness shared growth with each other,” said Dr. Prasad, adding that there will be an increase in the relations between the two countries with more investments, increase trade share, and expand businesses between the two nations.
“We need to accelerate the MSME sector to get on to the manufacturing of parts that is an area to be tapped,” said Dr. Prasad.
The trade divergence has always been there and COVID-19 has given it a further push, according to Sanjay Chadha, Additional Secretary, Ministry of Commerce and Industry who addressed delegates at the session.
There has been a self-realization on the fact that over-dependence on a single country is not desirable and the focus needs to be more on the polarity of production, a sentiment which has come to stay for the long-term providing opportunities to the world.
“Due to this pandemic, our mission is to involve in increasing trade activities to promote trade and look at the opportunities for trade development,” Chadha stressed.
Pradeep Multani, PHD Chamber Vice President, deliberated about the bilateral relation of India-US in major pillars of strategic partnership including energy, security but have extended to bilateral economic engagement and people to people contacts.
The bilateral relations have expanded to global partnerships in a multi-fold manner. Talking about the pandemic, he deliberated about the effect of it on the two nations in terms of humanity, industry, and economy.
Multani lauded the increase in collaborative activities between both nations can bring opportunities and make recoveries of industries in both economies smoother and faster.
He assured of PHD Chamber’s pledged to be the pillar of strength for building a self-reliant India carrying the five pillars of economy i.e. Infrastructure, technology-driven system, vibrant democracy and demand.
“We are committed to ease of doing business and stand in full support with our members and countrymen,” added Multani.
Amitava Ray, Chairman, International Affairs Committee for Americas, PHD Chamber, underlined the need to enhance the trade relations, education, and tourism and business establishment between the two countries.
Rashmi Chopra, Co-Chair, PHD Chamber’s International Affairs Committee for Americas, believes the time is right 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. #trade #exports #imports #investment #pandemic /fiinews.com
