Congratulating Mr Joseph R. Biden Jr. on assuming charge as the 46th President of the United States, Mr Uday Kotak, President, Confederation of Indian Industry (CII) stated, “President Biden’s experience in rebuilding the US economy during the Great Recession would help to strengthen the US and global economic recovery in the aftermath of the pandemic. President Biden has long been a supporter of the India-US relationship and we believe that bilateral economic ties would be a high priority for the new Administration.”
“President Biden was directly involved in many of the achievements in the India-US partnership including the US-India Civil Nuclear Agreement, the designation of India as a US ‘Major Defense Partner’, and the US’ support of India’s permanent membership on the UN Security Council. Indian industry feels that with President Biden and Prime Minister Modi at the helm, the two countries would play a strong role in re-shaping the global economic agenda together,” added Mr Kotak.
Mr Kotak congratulated Ms Kamala Harris on taking oath as the new Vice President of the US and said, “Vice President Harris has made history as the first woman, as well as the first person of South Asian heritage to take the office, and we look forward to working with her to strengthen India’s multidimensional partnership with the US,” added Mr Kotak.
Adding his felicitations to the new team, Mr Chandrajit Banerjee, Director General, CII said, “Key priorities of the Biden Administration will be founded on containing the COVID-19 pandemic and enhancing healthcare access, enabling economic recovery, and pushing forward clean energy and sustainable development, which align well with India’s evolving competitive advantages. India and the US can strengthen their collaboration in pharma and healthcare, energy and climate change, and innovation and emerging technologies. Together, through consultative, constructive collaborations of industry and government, India and the US can create the enabling business environment to repair lives and livelihoods from COVID-19 and build back stronger.”
CII represents the interests of Indian Industry in the US through a multi-faceted agenda comprised of policy, research, business facilitation and cooperative projects in key priority sectors. Through its annual CEOs’ Missions to the US, it has a strong engagement with the US government and looks forward to further solidifying bilateral trade and investment relations.
Trade between India and the US is currently at its highest peak in the history of the two nations with total two-way trade flows at over $150 billion despite the global economic slowdown. In April-November 2020-21, the US was India’s largest export destination and second largest source of imports.
Investment between India and the US is rising as well, with CII’s Indian Roots American Soil 2020 survey report finding that a sample of just over 150 Indian companies has invested over $22 billion in the US, with total US foreign direct investment (FDI) in India topping at $45.9 billion in 2019.
21 January 2021