Today marked the official start of Secretary Bryson's five-day trade mission to India. In the morning he met with Deputy Chairman of the Planning Commission Montek Aluwalia to discuss ways to strengthen the U.S.-India commercial relationship. He also spoke at an infrastructure roundtable discussion sponsored by the Confederation of Indian Industry (CII). India is planning to invest $1 trillion in infrastructure development over the next five years, and U.S. companies are in a unique position to offer their skills and expertise in partnership with Indian firms.
Secretary Bryson also witnessed the signing of two U.S. Trade and Development Agency grants supporting U.S. business investments in Indiaâ€™s energy infrastructure development. The first grant will support a feasibility study for Azure Power, a private sector solar power developer based in India. The second grant will finance a feasibility study for CESC Limited for the implementation of smart grid technologies across their electricity distribution networks in Kolkata, India.
During his address at a luncheon hosted by the Federation of Indian Chambers of Commerce (FICCI), Secretary Bryson announced that the U.S. Department of Commerce and Indiaâ€™s Ministry of Commerce and Industry have taken steps to renew the U.S.-India Commercial Dialogue for an additional two-year term, until March 2014. The Commercial Dialogue is a key component of the bilateral commercial relationship and provides a forum for both the U.S. and Indian governments and private sectors to collaborate on issues of mutual interest, ensuring that the trade relationship is â€świn-winâ€ť for both countries. The agenda has been expanded to cover new areas of engagement on topics such as standardsâ€“including smart grids, intelligent transportation systemsâ€“and sustainable manufacturing.
Following the luncheon, Secretary Bryson met with his Indian counterpart, Minister of Commerce Anand Sharma, and later with Minister of Urban Development Kamal Nath to advocate for U.S. export opportunities in Indiaâ€™s rapidly expanding infrastructure sector and promote investment opportunities in Americaâ€“both key priorities of the Obama administration. India, one of the worldâ€™s fastest-growing economies, is a priority market under the SelectUSA initiative, the first coordinated federal effort to promote and facilitate business investment in the U.S. In 2010, the total stock of investment directly from India in the U.S. was $3.3 billion, and when Indian investment that transferred through other countries is included, the total stock jumps to $7.1 billion.