Bengaluru : , November 18th, 2001 – “The USA remains India’s largest trading partner and biggest export market.Trade exploded from roughly $20 billion in 2001 up to just under $145 billion in 2019, despite the impact of the pandemic,” stated Judith Ravin, US Consul General. After Karnataka’s IT Minister C.N.Narayan, she addressed members of the US India Business Council.Ashwath Narayan inaugurated the India-US Tech Conclave at the “Bengaluru Tech Summit-2021” on Wednesday evening.
Judith Ravin participated in the conclave, which was a brand new initiative by BTS.The growth of Indo-US economic relations has been remarkable and 2021 data show a strong rebound.If it continues, she said that the two countries could surpass 2019 figures.
She also stated that the US is still the largest source of direct foreign investment in India.
Ravin stated that the US-India bilateral relations continue to grow on a variety of fronts.These include collaboration in mitigating the effects of Covid-19, climate change and space exploration.
Also, both countries have a joint commitment to ensuring a free Indo-Pacific.
According to the US Consul General, Narendra Modi, Indian Prime Minister, met President Joe Biden in Washington, D.C.in September to discuss collaboration and to make commitments for Indo-Pacific Region.
She stated that the visit by John Kerry, the Special Presidential Envoy to Climate Change and Wendy Sherman, the Deputy Secretary to State of India had been a success in strengthening ties between India and America.
Ravin announced, in the meantime, that Katherine Tai, the US Trade Representative, will be traveling to New Delhi, November 22, to meet her counterpart, Piyush Goyal (Union Minister for Commerce and Industry).She also stated that they have both agreed to look into ways to increase bilateral trade relations.
The US is India’s strongest partner in business.She stated that India’s economic success is in America’s and regional interests, as well as the global interest.
The US Consul General stated that the US has benefited from the strong business relationships between India and the US, especially in South India.
Ravin stated, “Since I arrived amidst pandemics just over one year ago,” Ravin observed that India’s tech sector had successfully adapt to Covid-19 protocols and lead by example in accommodating their workers health and wellbeing while also facilitating seamless work-from home operations.
According to the US Consul General, these firms have also risen in demand for software development and data-driven customer services.This will ensure that both countries’ economies are able to continue their good fortunes during these challenging times.
She said, “This support is at a critical point in our lives where we now depend more then ever on emerging technologies for virtually attending school, conducting business and performing everyday tasks online.
Ravin stated that Bengaluru has been one of the most important beneficiaries of US direct investments.
US companies are considered partners in foreign markets and have the potential to become good neighbors.She said that they bring with them high-paying jobs and advanced technology, as well as skills and good corporate governance.
This will allow Indian Small and Medium Enterprises (SME) to become part of the global economy.
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