(Image source from: US Embassy and Consulates in India)
A top United States official has said India can and should become the regional hub for American companies, as doing business in China has become difficult.
"India can seize the strategic opportunity through trade and investment, to become an alternative hub for the U.S. businesses in the Asia-Pacific region," Kenneth I. Juster, U.S. Ambassador to India, said at an annual convention of the Indo-American Chamber of Commerce.
"The number of U.S. companies are facing increasing difficulties conducting business in China, the largest market in the region. Some companies have scaled down their operations and others are looking with great interest at alternative markets," he said.
He said India should be seen as an efficient, transparent and well-regulated market and this would improve the ease of doing business, which would further promote growth and development.
"Quality Indian products can be part of the U.S. global supply chain accelerating job creation. There will be many benefits to our growing bilateral economic relations and making India a regional hub for U.S. businesses," he said.
Juster said opening up India's market further to trade and investment would spur collaboration in many emerging technologies that would drive and protect the two economies including those relating to advanced manufacturing, cybersecurity, and Artificial Intelligence.
Speaking at the event, Union Minister for Commerce and Industries and Civil Aviation Suresh Prabhu said the relationship with the U.S. was extremely critical for India.
To take this relationship to the next level India would soon be having a strategic commercial dialogue with the U.S. in New Delhi in December 2018, the minister said.
"The commerce secretary and high-level delegation from the U.S. will come to have detailed discussion with their Indian counterparts to strengthen the commerce tie-up and chart our future agenda for both the nations," Prabhu said.
"We will be discussing the next steps to take this relationship to a new level. With the U.S. we have a very strategic relationship encompassing many sectors. We are required to buy a huge quantity of planes from them, we have already started buying oil from U.S. and we are looking out for many more options," he said.
By Sowmya Sangam
