Biden has been a support of India-US relationship
The Confederation of Indian Industry (CII) believes that bilateral economic ties would be a high priority for the new Administration of President Joseph R. Biden Jr. who had been involved in many achievements between the India-US partnership in the past administrations.
“President Biden was directly involved in many of the achievements in the India-US partnership including the US-India Civil Nuclear Agreement, the designation of India as a US ‘Major Defense Partner’, and the US’ support of India’s permanent membership on the UN Security Council,” CII President Uday Kotak said on 21 Jan 2021 in congratulating on Biden being sworn in as the 46 President of the United States.
“Indian industry feels that with President Biden and Prime Minister Narendra Modi at the helm, the two countries would play a strong role in re-shaping the global economic agenda together,” he said.
“President Biden’s experience in rebuilding the US economy during the Great Recession would help to strengthen the US and global economic recovery in the aftermath of the pandemic,” said Kotak, adding that President Biden has long been a supporter of the India-US relationship.
Kotak also congratulated Kamala Harris on taking oath as the new Vice President of the US. “Vice President Harris has made history as the first woman, as well as the first person of South Asian heritage to take the office, and we look forward to working with her to strengthen India’s multidimensional partnership with the US,” said Kotak.
Adding his felicitations to the new team, CII Director General Chandrajit Banerjee, said, “India and the US can strengthen their collaboration in pharma and healthcare, energy and climate change, and innovation and emerging technologies. Together, through consultative, constructive collaborations of industry and government, India and the US can create the enabling business environment to repair lives and livelihoods from COVID-19 and build back stronger.”
CII represents the interests of Indian Industry in the US through a multi-faceted agenda comprised of policy, research, business facilitation and cooperative projects in key priority sectors. Through its annual CEOs’ Missions to the US, it has a strong engagement with the US government and looks forward to further solidifying bilateral trade and investment relations.
Trade between India and the US is currently at its highest peak in the history of the two nations with total two-way trade flows at over US$150 billion despite the global economic slowdown. In April-November 2020-21, the US was India’s largest export destination and second largest source of imports.
Investment between India and the US is rising as well, with CII’s Indian Roots American Soil 2020 survey report finding that a sample of just over 150 Indian companies has invested over US$22 billion in the US, with total US foreign direct investment (FDI) in India topping at US$45.9 billion in 2019. #investment #trade #export #economy #biden #harris /fiinews.com
