US investments set to grow: USIBC

Highlights

Ahead of Indian Defence Minister Manohar Parrikar\'s visit to the US, a key trade group has expressed confidence that as India continues its reforms, US investments and important technology partnerships with the Indian industry will grow significantly.

Washington : Ahead of Indian Defence Minister Manohar Parrikar's visit to the US, a key trade group has expressed confidence that as India continues its reforms, US investments and important technology partnerships with the Indian industry will grow significantly.

Former US Secretary of Defence, William S. Cohen, and board member of USIBC said he was encouraged by the unprecedented level of engagement between the two governments and the private sector in the area of defence. "I am confident that US investments and important technology partnerships with the Indian industry will grow significantly in support of India's indigenization and national security goals," he said.

Members of the US-India Business Council (USIBC) comprising 350 top-tier US and Indian companies hosted a Defence Policy Group (DPG) delegation from India. Senior Indian defence ministry officials are in the US for bilateral meetings with the US Department of Defence to discuss progress on joint initiatives such as the US-India Defense Policy Group (DPG) and Defence Technology and Trade Initiative (DTTI).

Welcoming the delegation, USIBC President Dr Mukesh Aghi welcomed Government of India's recent announcements allowing FDI up to 49 percent under the automatic route and beyond that with the Foreign Investment Promotion Board's (FIPB) approval. The US-India bilateral defence relationship has grown in a robust manner from a mere $200 million in defence trade in 2000 to over $14 billion.

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