This morning, Acting U.S. Commerce Secretary Rebecca Blank delivered remarks to the U.S.-India Business Council in Washington, DC as part of their 37th Anniversary Leadership Summit, in advance of the U.S.-India Strategic Dialogue.
Within the next 20 years, it is estimated that India will become the most populous country in the world, and total yearly income of Indian urban households could reach four trillion U.S. dollars. With their middle class growing bigger each day, India is poised to continue playing a major role in the global economy.
Acting Secretary Blank spoke to the Council about these important economic opportunities and the ways that the United States and India can work together to strengthen their economic relationship.
First, Blank praised the success of the U.S.-India trade relationship. From 2009 to 2011, U.S. goods exported to India grew over 30 percent to a record $21.6 billion.
Dr. Blank also stressed the importance of the U.S.-Indian bilateral investment relationship. Over 30,000 Americans work at U.S. subsidiaries of Indian firms. Programs like SelectUSA, an initiative of the Commerce Department, are focused on attracting Indian investment in U.S. companies across the country in order to create more job opportunities for Americans.
Finally, Acting Secretary Blank reinforced the effectiveness of the newly-renewed Commercial Dialogue and person-to-person relationships as ways to bring together American and Indian businesses.
The U.S.-India Business Council is a business advocacy organization comprised of top-tier companies from both countries, whose aim is to deepen two-way trade and strengthen commercial ties between the two countries.