U.S. Under Secretary of Commerce Concludes Visit to India
U.S. Under Secretary of Commerce for International Trade Stefan M. Selig concluded a visit to India today where he met with public and private sector officials to promote expanding U.S.-India commercial relationships. Selig also advanced the upcoming U.S.-India Strategic and Commercial Dialogue (S&CD).
In New Delhi, Selig conducted a series of bilateral meetings with Indian government officials, including the Minister of Commerce and Industry the Minister of State for Finance, and the Minister for Power, Coal, and New & Renewable Energy. Throughout the visit, Selig highlighted the mutual benefits of achieving the goal set forth by U.S. and Indian leaders to increase U.S.-India bilateral trade five-fold to $500 billion annually.
“The current bilateral trade relationship between the United States and India is only the start of what can become a transformative trade partnership,” Selig said during remarks to members of the American Chamber of Commerce in India and the U.S.-India Business Council in New Delhi. “Expanding bilateral trade with India means expanding the benefits the U.S. receives from Indian exports. India has the potential to become leading contributors to global value chains. As India embarks on this important economic agenda, U.S. exports can play a singular role in helping India achieve those agenda’s objectives.”
U.S.-India trade now represents more than $100 billion in goods and services. Two-way trade has almost tripled from $36 billion in 2005, to $104 billion in 2014. U.S. investments in India have grown from a total of $7.7 billion in 2004 to $28 billion today.
During the past several years, India has become the fourth fastest growing source of foreign direct investment into the United States. There are more than 1,500 U.S. companies active in India today, while the number of Indian companies operating in the United States has grown from about 85 companies in 2005 to more than 200 companies today.