The U.S remains India’s biggest trading partner and largest export market with trade exploding from approximately $20 billion in 2001 to over $145 billion in 2019 notwithstanding the pandemic taking a toll on trade,” US Consul General Judith Ravin told participants at the India-U.S. Tech Conclave of Bengaluru Tech Summit 2021.
She said the growth in Indo-US economic ties had been extraordinary and the 2021 data indicated a strong rebound, adding, if this trend continues, the countries would be on track to exceed 2019 numbers.
U.S. companies continued to be the biggest source of foreign direct investment, fueling continued growth in India. The U.S-India bilateral relationship continues to expand on diverse fronts, from collaboration on mitigating the impact of COVID-19 and climate change to space exploration as both the countries were commitment towards a free and open Indo-Pacific.
The US Consul General said Indian Prime Minister Narendra Modi met President Joe Biden in September in Washington, D.C. to confirm collaboration and commitments to the Indo-Pacific region.
“Since that visit, Special Presidential Envoy for Climate John Kerry and Deputy Secretary of State Wendy Sherman have come to India to continue these important discussions in advancing a range of initiatives,” she said which would go a long way in cementing ties between the two countries.
U.S. Trade Representative Katherine Tai would travel to New Delhi on November 22 to meet her counterpart, Union Minister for Commerce and Industry Piyush Goyal. Both have agreed to take a comprehensive look at ways to expand the bilateral trade relationship.
“When it comes to business, there is no stronger partner to India than the United States. We believe that India’s economic strength is not just in India’s interest, but in the interest of the United States, the region, and the world,” she said.
However, particularly from her perspective in south India, the US Consul General said the commercial ties formed between US and Indian tech companies – big and small – ‘have buoyed our business relationship and supported the recovery in both economies’.
“Since my arrival amidst the pandemic just over a year ago, I have witnessed how India’s tech sector has successfully adapted to the lockdowns and COVID-19 protocols as well as led by example in accommodating the health and well-being of their workforce while facilitating a seamless work-from-home operation,” she said.
The US Consul General said these companies, at the same time, have stepped up to meet the rising demand of software development, data-driven customer service, and back-office support for U.S. firms, ensuring that economies of both the nations remain on track through these difficult times.
“This support comes at a crucial point in our lives, where we now depend more than ever on emerging technologies to virtually attend school, conduct business, and accomplish everyday tasks online, with the click of a mouse,” she said.
Ms. Ravin said Bengaluru, as one of the top beneficiaries of U.S. foreign direct investment, has seen the positive impact of quality investments.
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