USIBC welcomes private meeting with FM P. Chidambaram

Immigration, FDI caps, tax, IP, manufacturing, retail opening main topics of discussion

Business Wire

SAN FRANCISCO--(BUSINESS WIRE)--

The Finance Minister of India, P. Chidambaram, today met with a group of U.S. industry executives from the U.S.-India Business Council (USIBC) for a discussion about investment opportunities in India.

Finance Minister Chidambaram engaged with the executives on important topics that have dominated the bilateral commercial relationship in recent months – namely, tax treatment of investments in India, and the protection of intellectual property (IP). The group noted that collaboration in innovative technologies will require an ecosystem that rewards and protects IP.

Industry captains also discussed the need for improvements to infrastructure and increased investment in defense and energy. On India's push to develop local manufacturing, industry representatives emphasized that market-based incentives rather than mandates should be the drivers that attract manufacturing. While executives recognized and appreciated the progress made to date on the manufacturing policy, they recommended that India make clear that the private sector is excluded from any localization requirements.

USIBC members advocated for the lifting of FDI caps in important sectors like insurance and defense, and for adjustment of the retail policy to attract major investment and organized players into India.

The group also raised the need to work together towards an immigration reform bill in the U.S. Congress that allows choice, promotes American competitiveness, and enhances free market opportunity.

USIBC President Ron Somers thanked the Finance Minister for the opportunity to meet and discuss the issues. “The Finance Minister affirmed the strong ties between India and the United States and the importance of the commercial relationship. The potential to reach $500 billion in two-way trade by 2020 is an achievable goal if we work together in partnership in an environment that provides predictability, consistency, and transparency,” said Somers. He continued, “Outstanding issues will be resolved through constructive dialogue, and USIBC looks forward to working with India to enable such dialogue.”

Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, headquartered in Washington, DC, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of more than 350 of the top-tier U.S. and Indian companies. Ajay Banga, President & CEO of MasterCard, is USIBC’s chairman. For more information, visit www.usibc.com.

Contact:
U.S.-India Business Council (USIBC)
Kathryn Van Dyken, 1-202-463-5768
kvandyken@uschamber.com

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