New Delhi, 14 February (IANS). The top industry organizations Assocham and the Federation of Indian Export Organization (Fio) on Friday termed Prime Minister Narendra Modi’s visit to America as historic in strengthening trade and investment relations between the two countries.
Assocham president Sanjay Nair said that the joint statement released after the meeting between Prime Minister Narendra Modi and President Donald Trump at Washington DC is a symbol of the constant confidence and strength of the strategic partnership between India and the US.
He said that many concrete results have been revealed by the Prime Minister’s visit to America. These include defense, terrorism, fossil fuel and nuclear power, strengthening cooperation in taking advantage of human capital of India, in addition to energy security, trade and investment covering both countries.
Another major result is the development of US-India Roadmap to speed up AI infrastructure by the end of the year.
Nair said that by 2030, the ambitious target of bilateral trade of $ 500 billion can be easily achieved, while consenting on negotiations for bilateral trade agreement will pave the way for new trade and investment opportunities between the two countries.
According to Fio President Ashwini Kumar, the journey is an important step towards intensive economic cooperation, expansion of trade, promoting investment and strengthening strategic relations between the two countries.
He said that the discussion is a major milestone in the growing economic relations between India and the US. America is emerging as one of India’s largest trading partners. These developments will provide new opportunities to Indian exporters.
Focusing on technology, defense and green energy will especially benefit India’s export areas and increase global competitiveness.
Fio chief also appreciated the rising investment focus, which will promote new industries and employment generation in India, give impetus to the ‘Make in India’ initiative and increase the demand for Indian exports.
He underlined the importance of increasing bilateral trade by removing obstacles and streamlining processes.
Focus areas include technology, healthcare, agriculture and textiles, whose ambitious target “Mission 500” is to reach $ 500 billion in bilateral trade by 2030.
Kumar appreciated the initial time-limit for the multi-regional bilateral trade agreement (BTA) by the end of this year, which aims to increase market access, reduce business obstacles and improve supply chain integration.
Reports were announced as a result of discussions to promote American investment in India.
Fio chief said, “These investment will create new opportunities for Indian exporters and will establish India as a major center for innovation and manufacturing.
“The main focus was on increasing cooperation in IT, AI and 5G infrastructure, which will open significant development possibilities for Indian technical businesses in the US market.”
-IANS
SKT/Ekde
