Indo-US ties set to grow: US Consul-General

THIRUVANANTHAPURAM: Indo-US relationship is the defining partnership of the 21st century and India has earned a place of great importance for the US in a variety of areas including energy, infrastructure development and FDI, according to Jennifer A McIntyre, Consul-General, US Consulate, Chennai.Delivering the keynote address at an interactive session organised by the Indo-US Chamber of Commerce here on ‘Indo- US Economic management’ the other day, she said that Kerala and other South Indian states will definitely play a major role in rising commercial ties.The South Asian region, despite its growing prosperity, is currently one of the least economically integrated regions in the world. Though accounting for nearly 23 per cent of the world’s population, its share of global GDP is less than 3 percent.  Better trade ties in the South Asian region can help improve the region’s share in the world’s GDP, she said.With India acting as the anchor, greater economic integration will help promote stability and prosperity throughout South Asia and beyond, generating new economic opportunities for one of the world’s youngest and most vibrant populations, she said.Kerala has developed a diversified economic base through tourism, healthcare and IT sectors, she said. The US is the third largest source of FDI in India, with substantial investments in computer software and hardware, telecommunications, housing and real estate and construction.In 2010, the FDI inflow from the US to India was over $ 27 billion. McKinsey and company estimates that India will need $ 1.2 trillion of additional investment for infrastructure development.Along with improved FDI, bilateral trade between India and the US has increased sharply, tripling over the last decade.Despite the economic slowdown in the US,  trade with India has continues to grow at a steady pace. US exports to India had grown by five times in the past two years.One  area that should be given importance is to promote interaction between the peoples of the two countries, she said.E M Najeeb, president, Trivandrum Chamber of Commerce, stressed the need to develop Kerala’s tourism sector and called for more US investment.Rajmohan Pillai, chairman, Beta Group, said that there was immense scope for medium-level US food sector companies to enter the Indian market through tie-ups. 'G Vijayargahavan, member, State Planning Board, observed that higher education is one area where India and US can explore fruitful partnerships. Wg Cdr Narayanan, Jaihind TV CEO K P Mohanan and others also took part in the interaction.T Balakrishnan, former Additional Chief Secretary, presided over the session. Dr G C Gopala Pillai, chairman, Indo-American Chamber of Commerce  and  Chairman, Public Sector Restructuring Board, welcomed the gathering. Mathew K Beh, Political and Economic officer, Sarah J Talalay ,vice- consul,  and Finny Jacob, Economic and Political specialist, were also present.