US Ambassador Eric Garcetti highlights record investments and mutual job growth at USIBC event.
New Delhi, December 20: Indian companies secured $3.4 billion in investments in the United States over the past year, creating thousands of jobs across both nations, US Ambassador to India Eric Garcetti revealed during the US-India Business Council (USIBC) event on Thursday. Highlighting the growing economic partnership, Garcetti emphasized the positive impact on employment and trade on both sides of the Indo-Pacific.
Bilateral Investments Driving Job Growth
“American investments create jobs for Indians, but Indian investments are creating jobs for Americans as well,” Garcetti noted. The SelectUSA Investment Summit set the stage for historic collaborations, with India fielding the largest-ever delegation in the event’s history.
“In 2023, Indian businesses locked in $3.4 billion in deals during the summit, leading to job creation in sectors like steel, biotech, AI, and agriculture across states including Texas, North Carolina, Ohio, and California,” he said.
Resolving Trade Barriers for Mutual Growth
Recent breakthroughs resolved all outstanding trade disputes between the nations, opening new avenues for economic collaboration.
“Seven WTO disputes were eliminated, and nearly 70 trade and market access issues were resolved for US companies operating in India,” Garcetti said. “This enabled increased trade flows, including Indian metals to the US and agricultural exports such as almonds, walnuts, apples, and lentils.”
Fostering Fair Trade and Future Opportunities
Advocating for equitable trade practices, Garcetti emphasized the importance of reducing tariffs and investing in workforce development.
“We need to lower tariffs, increase trade, and ensure talent meets the needs of industries in both countries,” he stated.
SelectUSA: A Platform for Innovation and Jobs
The SelectUSA Investment Summit continues to be a critical platform for fostering economic ties. By connecting investors and industry leaders, it has catalyzed job creation and innovation, strengthening the bilateral partnership.
With growing investments and an unwavering commitment to collaboration, the India-US economic relationship is setting a benchmark for global partnerships.
