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US governors value Indian firms' impact

Source : IANS
Last Updated: Sat, Feb 23, 2013 04:36 hrs

Washington: Governors of nine American states, both Democratic and Republican, have acknowledged the value of investment by Indian companies and the impact it is having on economic growth of their states.

Foreign Direct Investment from India into the US as well as the scope for further expansion and strengthening of this critical engagement was highlighted at a corporate reception here Friday organised by the Confederation of Indian Industry- India Business Forum (CII-IBF).

Coinciding with the National Governors' Association winter meeting, the event themed "Indian Roots, American Soil: Supporting State Economies" highlighted the contributions of Indian companies across the US.

Attended by the governors and key US economic and political officials, the event showcased Indian FDI flows to the US, job creation and investments by Indian companies in the US as well as their local community engagements at the state-level.

The platform also presented an opportunity for companies and state officials to connect regarding future corporate expansion goals and strategies, according to CII.

Delaware's Democratic governor Jack Markell, who is chairman of the National Governors Association, and Iowa's Republican governor Terry Branstad were the honorary co-chairs of the reception.

"As the fastest-growing market for US exports, India provides significant opportunities to increase US job growth," said Markell who led a trade mission to India earlier this month.

Branstad said "the trading and investment relationships between Iowa and India are robust and growing in importance."

India's ambassador to the US, Nirupama Rao, said: "Job creation and investments by Indian companies are a very real component of the US-India trade and commercial relationship."

Democratic governors who participated were Mike Beebe (Arkansas), Governor of, Dannel Malloy (Connecticut) and Margaret Hassan (New Hampshire).

Republican governors attending were Jan Brewer (Arizona), Patrick McCrory (North Carolina, Gary Herbert (Utah), and Matt Mead (Wyoming),

The Indian companies represented at the reception, are located across 40 states in the US and Washington DC, according to CII.

They operate in diverse sectors, such as education, financial services, healthcare, pharmaceuticals and life sciences, information technology, manufacturing, and telecommunications.

The majority of the companies has increased employee count in recent years and created new jobs, reflecting the resilience of their operations and hiring efforts even during the economic slowdown, CII said.

Many saved thousands of jobs through mergers and acquisitions. Trends indicate that their research & development activities are on the upswing, as are their corporate social responsibility initiatives, it said.




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