USIBC Reaffirms $41 Billion Investment in India

WASHINGTON DC (TIP): The U.S.-India Business Council (USIBC), on October 9, hosted its 39th Anniversary Leadership Summit in the wake of Prime Minster Narendra Modi‘s historic visit to the United States. The summit, entitled “A New Chapter: Fast Tracking Growth,” brought together industry and government leaders from both India and the U.S. to continue the work of furthering economic ties between the two nations.

Ambassador Dr. S. Jaishankar provided the opening address expressing gratitude to Modi for generating so much enthusiasm about U.S. and India during his recent visit. The summit’s closing keynotes came from State Bank of India Chairman Smt. Arundhati Bhattacharya and United States Trade Representative Michael Froman. Froman spoke at length about helping India become “a key part of global supply chains” in manufacturing and other arenas.

USIBC Chairman Ajay Banga, president and CEO of MasterCard opened the evening with an affirmation of the renewed faith and hope in the future of the U.S.-India trade relationship.

“That admiration for India is today being matched by a renewed optimism about India in the U.S. and around the world,” said Banga to a packed House in the Hall of Flags at the U.S. Chamber of Commerce.

Banga closed his remarks by saying, “There’s never been a better nor a more vital time for the U.S. and India to work together – than right now. Let us seize a defining moment in a defining partnership.”

The evening also featured special remarks by Under Secretary of Defense Frank Kendall on the U.S.-India Defense Trade & Technology Initiative as well as an armchair conversation between U.S. Secretary of Commerce Penny Pritzker and Mahindra CEO, Anand Mahindra. Pritzker noted, “Our leaders hope that our bilateral trade will grow five fold.”

It will take “tough work,” Pritzker said, and a willingness to “get down to specifics, that’s how you make progress.”

Also during the Summit, USIBC presented its prestigious Global Leadership Awards to Mr. Steven A. Kandarian, CEO – MetLife Inc. and to Mr. Kumar Mangalam Birla, Chairman Aditya Birla Group for their company’s outstanding contributions to the U.S.-India growth story.

The events closing colloquy featured a discussion between U.S. Trade Ambassador Michael Froman and USIBC Chairman Ajay Banga. “One of the great strengths of this relationship is that you do have a very active business communities in both places” working to strengthen economic ties, Froman said.

Summarizing the event USIBC Acting President Diane Farrell concluded, “In a few years’ time my hope is that people will say, yes, these two nations are the world’s oldest and largest democracies. They are also the world’s strongest partners in trade where they celebrate democracy.

The USIBC now turns its attention to the U.S.-India Technology Summit in New Dehli. At the summit, the council will put together a “Smart Cities” conclave and USIBC ICT Mission. Joining USIBC will be senior executives from member companies including IBM, Cisco and others where they will have extensive discussions with the Ministry of Urban Development, Department of IT, DIPP, DOT, and other relevant government departments. And at the beginning of 2015 USIBC will lead a CEOs Mission to participate in Vibrant Gujarat.

About USIBC
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 310 of the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay Banga, President and CEO, MasterCard.

Press Release