Washington, May 31 (IANS) With a new Indian government in place, key areas of growth and business opportunities in the US-India commercial and business partnership have been highlighted by trade bodies of the two countries.
‘Growing Opportunities for US-India Trade and Investment’ were highlighted at a seminar organised by the Confederation of Indian Industry (CII) and the Indo-American Market Gateway (IAMG) in partnership with Enterprise Florida in Miami Friday.
“Business sentiment among the industry is exceptionally bullish, with the stock exchange at record-breaking highs,” the CII said “as a new political establishment takes charge in New Delhi with a commitment to revive economic growth.”
Capitalising on this positive trend, the seminar highlighted key areas of growth and business opportunities in the US-India commercial and business partnership, it said.
Eduardo Torres, Director of the US Commercial Service in South Florida, advising companies on the Indian market, said “India is the 2nd fastest growing market in Asia for US products and services, with wide-ranging scope from technology to tourism.”
“The importance of due diligence and relationship building is critical to ensure success of business in India.”
Manny Mencia, Senior Vice President of Enterprise Florida, gave a presentation on Florida’s investment climate and said that while it was not known to many, Florida is already a leader in high technology and one of the largest US exporters of high technology.
He highlighted civil aviation, medical and pharmaceuticals sector and information technology as areas of robust potential.
In this context, CII will be organizing a US-India technology Summit on Nov 18-19 in the New Delhi area.
In a panel discussion with business leaders from US and Indian companies, speakers shared experiences of doing business in products and services including health and beauty, irrigation systems and environmental technologies.
Panelists included representatives of companies engaged in US-India business linkages, including Kris Nightengale from Jain Irrigation, Reshma Dordi from Reshma Femme and Sharon Rinehimer from RGF Environmental Group.
To enhance trade and commerce with India, Eric Olafson from the Miami Port recommended direct flight connections and the presence of a local Indian consulate to streamline the flow of people and products.