Indian turmeric flavours American foods
The United States of America has become the largest goods trading partner of India in the merchandise trade which has been skewed towards services, Sanjay Chadha, Additional Secretary, FT-NAFTA of the Commerce Department.
“This (trend) is indicating that things are moving in the right direction,” Chadha told the inaugural session of ‘India-USA Virtual B2B Meeting’ on 16 Oct 2020.
India is the largest exporters of turmeric to the US, he said, citing data.
He also informed that the Government is talking about the possibilities of an International Trade Agreement
There is an increase in the investment of Indian companies in the USA despite the pandemic, added Dr. T.V. Nagendra Prasad, Consul General of India to San Francisco while giving a background about growing opportunities in San Francisco.
Prasad listed out opportunities for growth and investment in sectors like technology, textiles, pharma, healthcare, start-ups, smartphone manufacturing, and other green projects.
But the need of the hour is to think out of the box, evolve new mechanisms to tap emerging new opportunities, and innovate in every aspect of business interaction, he highlighted.
In New York, opportunities available in sectors which include sustainable eco-friendly products; Indian Ayurvedic wellness and spa products; outdoor entertainment and sports; new and innovative products, as well as home furnishing.
These were highlighted by Randhir Jaiswal, Consul General of India to New York. “We have to do well in terms of packaging, brand, and quality maintenance, too,” he stressed.
He noted a change in technology usage, business models and a shift in trade patterns due to COVID-19 induced pandemic.
“India needs to amplify its technology growth and create conditions for rapid technological innovations,” said Jaiswal, pointing out the importance of Chicago as a hub for sectors like technology, start-ups, pharmaceuticals and bio-health among others.
There are immense synergy and potential for collaboration between the US trades and India in these areas, he said.
Opportunities are available in the south-east US that is emerging as a manufacturing hub, according to Dr. Swati Vijay Kulkarni, Consul General of India to Atlanta, while calling for an increased presence of Indian companies in the region.
She called on PHD Chamber, organizer of ‘India-USA Virtual B2B Meeting’, to help in the digitalization of data, authentication of suppliers and work with universities with two-way synergy with business professionals and researchers.
Opportunities available in Houston’s energy sector were presented at the session by Aseem R. Mahajan, Consul General of India to Houston.
“Trade and economic ties have been a pivotal part of our relationship. Our bilateral trade has grown at a healthy rate and investments between both countries are increasing steadily,” said Mahajan.
He highlighted cooperation by both the countries during the pandemic, closely promoting trade and investment in areas like research, healthcare, innovation, technology to strengthen our partnership in the global supply chain.
India and the US are strategic partners with a wide range of cooperation in almost every aspect of human life including economic and commercial relations, underlined L. P. Gupta, Consul (Commerce), Consulate General of India to Chicago.
“We need to enhance cooperation (further) between the nations and cement the India-USA relationship,” added Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry.
India and US relations are growing itself in a multi-facet manner. “With an increase in trade relations, both countries have realized their importance towards each other in terms of strategic, economic, and future needs,” said Aggarwal.
“While the pandemic and lockdown had affected both the nations, we need to realize that there is a lot to be done in terms of healthcare infrastructure and train manpower,” Aggarwal told the session.
“We want to have fruitful relations with the US by engaging in joint activities and a peaceful collaboration that can bring significant opportunities for both the nations,” stressed Aggarwal. #exports #eonomy #trade #banking #investments /fiinews.com
