Indian investors evince strong interest in US

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SME Times News Bureau | 29 Jan, 2015
Indian investments in manufacturing and technology deals in the US are set to be fast-tracked but investors have evinced strong interest in the "Select USA" initiative, said senior US government official.

The optimism regarding increased Indian investments in manufacturing and technology sectors in the US was expressed during a closed door meeting between US Commerce Secretary Penny Pritzker and Indian investors which was held here Tuesday.

According to the industry lobby Federation of Indian Chambers of Commerce and Industry (FICCI) which organised the event, Secretary Pritzker told Indian investors that the US is one of the leading destinations for investment.

Pritzker said US President Barack Obama is taking special interest in the "Select USA" initiative.

She also announced that the "Select USA" investment summit is scheduled for March and urged Indian companies to participate in it to explore investment opportunities.

Pritzker assured the Indian companies that her commercial service team was dedicated to supporting Indian firms who are planning to expand across sectors in the US.

During the event, US Deputy National Security Advisor for International Economics Caroline Atkinson emphasised that this was the right time for imparting a thrust to US-India bilateral relations.

She also enumerated the benefits of participating in Select USA Investment Summit 2015.

During the meeting, FICCI and consultancy firm Ernst & Young (EY) presented their report on Direct investment in United States to Secretary Pritzker.

"In the last two years, USA's share in India ODI (overseas direct investment) has gone from 5.5 percent to 7.8 percent. Out of 268 ODI acquisitions, 71 were made in the US," said Ajay Kumar, partner - tax and regulatory services, EY.

"We expect big ticket investment in natural resources and pharma. But technology will continue to be the leading sector in terms of number of deals," he added.