U.S. Chamber Joins Industry Leaders in Welcoming India's Prime Minister Singh

'This decade marks a major step forward in U.S.-India relations,' Donohue Says

WASHINGTON, D.C.—As it becomes ever-apparent that partnerships like the United States and India will help provide a roadmap out of the current global recession, influence the economic destiny of the 21st Century, and create jobs around the world, America's business leaders converged on the U.S. Chamber of Commerce today to greet India's Prime Minister Singh for his first major address in Washington, D.C this week.

"This decade marks a major step forward in U.S.-India relations," said Thomas J. Donohue, president and CEO of the U.S. Chamber, while introducing Singh at today's event. "Our ever-innovative business communities are the drivers of this partnership and the job creators on both sides of the globe. It is gratifying that our governments have finally awakened to the vital importance of advancing stronger U.S.-India ties. We are privileged that Dr. Singh has joined us today and we heartily welcome him and the people of India to be our partners in building a strong, free, and enterprising 21st Century."

The Prime Minister, known as the father of India's economic reforms, will inaugurate his second state visit to the United States by addressing an overflow crowd today—including members of the U.S.-India Business Council (USIBC)—at the U.S. Chamber's historic headquarters.

"More than ever, companies from both countries are working seamlessly to build bridges between the two most powerful free-market economies," said Ron Somers, president of the USIBC. "The future is very bright. There is no question U.S.-India ties will shape the economic destiny of the 21st Century."

India's growth rate is at more than 6% of gross domestic product and the country has major plans for building-out its infrastructure—from roads, to ports, to airports, and power—an opportunity valued at $500 billion over the next five years. The U.S.-India civil nuclear cooperation deal, approved last year by an overwhelming vote of the Congress and supported by the U.S. Chamber and the USIBC, promises tremendous areas for collaboration for U.S. businesses who are estimated to reap $100 billion over the next 20 years. Similarly, the Indian Air Force is procuring more than $10 billion worth of jet aircraft to replace their aging fleet of MIGs.

"This type of technology exchange will positively influence cooperation in green technology, renewable energy, and in frontier areas of innovation for the two countries," Somers said.

The current administration has seized on the importance of building on this bilateral partnership promoted by earlier administrations. The U.S. business community is keen to underscore that they have been supporters of a strong U.S.-India relationship throughout. This is evident by the enthusiasm being generated by the Prime Minister's first encounter with America's public on this momentous occasion.

U.S. business leadership is also seeking to draw attention to areas where closer synergies are possible, including:

• Securing U.S. backing for India's permanent membership in the UN Security Council
• Closely coordinating on economic policy as the world moves out of the current financial downturn
• Progressing trade-related and investment issues, including the finalization of a Bilateral Investment Treaty (BIT) and the successful conclusion of the Doha round
• Resolving the remaining issues related to the civilian nuclear agreement and continuing to advance defense cooperation
• Working toward a positive outcome in Copenhagen while fostering growth and innovation through new technologies in the energy sector – as well as agriculture and life sciences
• Mobilizing capital investment for important infrastructure projects
• Promoting advances in public health and educational development

The U.S.-India Business Council (USIBC), formed in 1975 at the request of the Government of India and the U.S. Government to deepen trade and strengthen commercial ties, is hosted under the aegis of the U.S. Chamber of Commerce.

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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