The U.S.-India Business Council (USIBC), along with its industry and government partners, hosted President Barack Obama and Prime Minister Narendra Modi for the “India U.S. Business Summit” in New Delhi today. The Heads of State addressed a room of nearly 500 business leaders from U.S. and Indian industry, emphasizing the importance of the strategic and bilateral trade relationship for the citizens of both countries.
"In the last few years, trade between our two countries has increased by some 60 percent, toward a record $100 billion,” said President Barack Obama after in-depth bilateral talks with Prime Minister Modi. “We want to trade even more. So we welcome the reforms that the Prime Minister is pursuing to make it easier to do business here in India,” he continued.
President Obama’s visit marks the first time a U.S. President has participated as Chief Guest on the occasion of India’s Republic Day and the first time a U.S. President has visited India twice while in office.
The prospects and expectations for increased trade and investment are high with governments and industry from both countries committed to $500 billion by 2020. U.S.-India bilateral trade has approached $100 billion from $19 billion in 2000, and the two-way trade relationship supports nearly 300,000 jobs in the U.S. and over 500,000 jobs in India, according to U.S. State Department. USIBC members have already identified over $41 billion in investments over the next two to three years.
“Tonight’s addresses by President Obama and Prime Minister Modi underscore the economic growth and frankly the history that’s ripe for the world’s two largest democracies to make together. Hearing from both world leaders reinforced my belief that the greatest days of U.S.-India relations lie ahead across all sectors and disciplines in business and trade,” said Ajay Banga, Chairman of USIBC and President and CEO of MasterCard.
USIBC, the largest bilateral trade association promoting two-way trade and investment between the countries, was privileged to host President Obama during his first visit to India in 2010 and Prime Minister Narendra Modi during his visit to the United States last September.
About USIBC
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, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 325 leading U.S. and Indian companies. The Chairman of USIBC is Ajay Banga, President and CEO of MasterCard.
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