CII East India Summit session with USA introduced new opportunities of investment as well as enhancement of bilateral trade between India and US. CII has been focusing on integrating Indo-US growth potential and channelizing the strengths of the region towards “Building Eastern India” through integrating the 5 “I”s – Image, Innovation, Infrastructure, Investment and Inclusiveness.
Speaking on Indo-US Bilateral ties, Ms Melinda Pavek, Consul General, US Consulate General, Kolkata expressed US commitment towards building resilient supply chains in the Indo-Pacific post COVID-19 pandemic, as an initiative to fundamentally reshape the geographical character of cross-border production networks in the region. India and USA are all set to recreate history in terms of bilateral ties between the countries , with provision of center stage for joint commitment towards exploring Indo-US Business Diversities. The US Led ports have indeed evinced keen interest in comprehensive development of ports under ambitious Sagarmala Project. Ms Pavek further mentioned that US is keen on collaborating with Indian counterparts in fields building and developing new ports, construction of new berths or terminals in existing ports, coastal economic zones, dredging, ship building, ship repairing, ship recycling, development of inland waterways and coastal and cruise shipping. ” US companies are the biggest sources of India s’ FDI Investments and collectively the best partners “, opined the US Consul General. The statement is backed by examples set by Wabtech Corporation, with a prominent track record of supplying 300 locomotives to Indian Railway, further surging ahead with willingness to further supply 1000 diesel locomotives over a 10 year timeframe. The quality of labour being less physically intensive and more technology intensive in current times, US is willing to cater to nation’s infrastructure vision as technology advisors and providers. In this regard, US urges India to focus on developing infrastructure with low carbon footprint as a step towards sustainability. As the largest trading partner, the partnership witnessed a business figure worth USD 145 Billion in 2019. In recent times, US, India, Australia and Japan, as members of new ‘Quad infrastructure partnership,’ would coordinate efforts, map the region’s infrastructure development, regional needs and opportunities, provide technical assistance, thus empowering regional partners with evaluative tools, and to promote sustainable infrastructure development, the primary agenda being introduction of high end infrastructure in Indo Pacific. Hence, in a nutshell, Ms Pavek set 5 point agenda for improving the reputation of Eastern India in overseas business fabric through – Showcasing Eastern Regions’ strategic location, abundance of natural resources as well as intellectual talent pool; Quicker integration of innovation and digitization; Reviving and conceptualizing multimodal infrastructure; Ensuring seamless roll out of EoDB with Government and Catalyzing percolation of education to the grassroots. Goes without saying, growth with employment is the new motto for ensuring the ultimate inclusive development paradigm, the US Consul General added.
Speaking at the US Country Session in the EAST INDIA SUMMIT, Ms Mehnaz Ansari, Senior Regional Representative – South Asia Indo Pacific Region, US Trade and Development Agency (USTDA), Embassy of United States of America, advocated the utility of digital roadmap to enable an ecosystem of digital transformation to create a role model for infrastructure utilities in East. For instance, Ms Ansari mentioned granting technical assistance to BSES Yamuna Power Ltd to optimize power distribution to 1.7 million consumers. Internationally, UST is collaborating with SGC Internation, a Thai Conglomerate, to rollout green economic transition in Thailand, catalyzing private sector investments, in acceleration of EV Module. Further to the discussion, Ms Ansari seconded Ms Pavek in reiterating that a major part of planned infrastructure funding is expected to come from private players. Hence, aspects like evaluation of PPP Projects in new regulatory regime, and time bound execution of Government initiatives like dredging or connectivity, would definitely serve as an extra mile in instilling investor confidence. India and US are indeed capable of generating stellar business frontier through strategic cooperation, generating win-win situation for both the countries. As an attempt towards revitalizing engagements, USTDA looks forward to assessing the gamut of multilateral and bilateral avenues, allowing both countries and their manufacturers to strengthen their stature in terms of consolidation of existing synergy in business infrastructure.
Eminent speakers, Mr Samit Ray, Regional Director, Government Affairs & Public Policy South Asia, Raytheon Technologies Global Government Relations, United Technologies India ( P) Ltd and Mr Sumit Goyal, Past Chairman, International Trade Taskforce, CII Eastern Region & President, Patton International Limited, agreed upon the fact that India makes a business case by itself. The Eastern region should indeed come up with a unified vision, strategizing steps ahead towards ground-led-strategies.
