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Indo-Us.9.Thmb.jpg Indian investment in US growing at faster rate: US official

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SME Times News Bureau | 20 Sep, 2014
With more Indian companies showing interest in opening or expanding their business in the US, the Indian investment there is picking up further momentum, said a top American official.

Indian investment in the US is growing at an average 26-27 percent annually, higher than the American investment in India.

"American investment in India is approximately 2.5 times the Indian investment in America but it is not growing percentage-wise the way Indian investment in the US is growing," Vinai Thummalapalli, executive director of SelectUSA, told reporters Hyderabad Friday.

Established by President Barack Obama in 2011, SelectUSA promotes and facilitates business investment into the US.

Indian companies have made investment of USD 11 billion in the US and they are the fourth fastest growing Foreign Direct Investment (FDI) in the US. The American investment in India stands somewhere around USD 25 billion to USD 26 billion.

Thummalapalli, a former college roommate of Obama and the first Indian-American to become a US ambassador, is on a visit to India to encourage Indian investments in the US.

After arriving in New Delhi Thursday, he landed his home town Hyderabad. He is also visiting Coimbatore, Bangalore and Mumbai to meet business leaders, investors and trade associations.

SelectUSA provides information to investors, brings investors and economic development organizations within US together and act as ombudsman for investors at the federal level.

"We are very optimistic and bullish. We believe there are hundreds may be thousands of companies in India wanting to invest in the US," said Thummalapalli, who served as US ambassador in Belize between 2009 and 2013.

He believes the US market is attractive for Indian companies as they get customers, there is certainty, good infrastructure, well-defined legal system and their investment in the US compliments expansion of their business in India.

SelectUSA plans to conduct a road show in India next year. Several American states will make a pitch during the show and interact with prospective investors.

SelectUSA in July signed a memorandum of intent with Export-Import Bank of India to help Indian companies keen to invest in the US.

Thummalapalli expects even larger Indian participation in the second SelectUSA summit to be held in March next year near Washington. The investors from various countries attending the summit learn on how to do business in the US and establish networks.

President Obama had last year hosted the first-ever SelectUSA Summit, which was attended by 1,300 people from 60 countries. The Indian delegation was fourth largest. This year over 2,500 people are expected to attend the summit.

The USD 16 trillion is economy is growing at three percent making the market more attractive for foreign investors. The US was number one destination in the world terms of FDI for two consecutive years. It attracted USD 168 billion in 2012 and USD 197 billion in 2013.

Thummalapalli pointed out that foreign companies investing in the US employ 5.6 million Americans with average annual salary of USD 76,000, which is significantly higher than average wages of total workers.

According to 2011 figures, the Indian companies in US employ 46,000 Americans.
 
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