Guest blog post by Commerce Secretary John Bryson
This weekend I am departing for India, where I will be leading a trade mission with 16 American companies. This will be my first trade mission and I am really looking forward to it. I will be meeting with senior level Indian government officials to advocate for U.S. export opportunities in India’s rapidly expanding infrastructure sector, and promote investment opportunities in America–both key priorities of President Obama and this Administration.
India’s growth over the last decade has resulted in increased demand for products and services from countries like the United States. America’s exports to India have grown from less than $4 billion in 2001 to over $21 billion in 2011. Going forward, India is expected to spend over $1 trillion on infrastructure development over the next five years, and a growing consuming class could lead to increased demand for a range of consumer goods and services.
Among other things, this trade mission supports President Obama’s National Export Initiative goal of doubling U.S. exports by the end of 2014 to create more good-paying jobs. Last week, on the two year anniversary of the creation of the NEI, the Commerce Department released new data showing that jobs supported by U.S. exports increased by 1.2 million between 2009 and 2011, and the value of U.S. exports exceed $2.1 trillion for the first time in U.S. history.
In addition to advocating for these businesses and American exports, I will be raising the profile of SelectUSA, the first federal initiative to help drive investment to the United States to create American jobs. India is a fast-growing source of foreign direct investment into the United States. Indian companies employ tens of thousands of American workers in professional, technical, and scientific services – as well as other industries. For example, in September, Tata announced a joint venture for a $60 million manufacturing facility in New Jersey. They will make products that help with pollution control.
I look forward to helping to facilitate win-win situations for both the U.S. and India. If we are successful our futures will indeed be bright, our people will indeed be prosperous, and the global economy, indeed, will be much stronger.