The Hindu Business Line : US cos eye Bengal for big investment avenues

HIGH-LEVEL TALKS: (From right) Mr Amit Kiran Deb, Chief Secretary, Government of West Bengal, Mr Sabyasachi Sen, Principal Secretary, Department of Commerce and Industry, Government of West Bengal, Mr Ron Somers, President, USIBC, Mr Hamilton McDonald, Senior Vice-President, Parsons Brinckerhoff International Inc, Lt Gen Dan Christman (Rtd), Senior Vice-President, US Chamber of Commerce, Mj Gen Bruce K. Scott (Rtd), President, ITT Defence International, and Mr Bhusan Raina, Chairman, CII (Eastern Region), at a seminar on `Indo-US Economic Cooperation' organised by CII on Wednesday in Kolkata. — A. Roy Chowdhury

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Kolkata March 7 US companies such as Best Buy (consumer electronics and networking solutions), ITT Defence (manufacturers of defence equipment and security systems), Lighthouse Funds (financial services) and Johnson & Johnson (pharma and allied sectors including research and development) are now looking afresh at `Brand Bengal' for investment opportunities in manufacturing, retail and services.

Speaking here on Wednesday at an interactive session organised by the Confederation of Indian Industry-Eastern Region, on `Indo-US Economic Cooperation', Lt Gen Dan Christman (Retd), Senior Vice-President, International, US Chamber of Commerce, and leader of a strong USIBC (US-India Business Council) delegation now touring India, said Bengal, as part of the `India Rising' story, now offers large investment opportunities for US companies in different areas such as security systems, financial services, IT infrastructure and retail.

According to him, Indo-US business ties need to be strengthened now, and more strategically aligned, considering that bilateral trade ties are now at an all-time high. In 2005, sales of US goods and services to India increased by over 30 per cent, and Indian exports to US grew by over 20 per cent.

He said Kolkata is important for US companies as it is now planning to integrate into the global supply chain, and players like Best Buy specialising in global networking systems, are now looking at West Bengal with renewed interest.

Meeting CM today

The US business delegation, which also includes Mr Ron Somers, President, USIBC, and an old India hand, has held discussions with the State Finance Minister, Dr Asim Dasgupta. The members will meet the Chief Minister, Mr Buddhadeb Bhattacharjee, on Thursday on the emerging investment opportunities in the State.

According to Mr Somers, Bengal now has a very good climate for business and there are many significant areas of cooperation which could bring Bengal better economic status.

Trade figures

US is now India's largest trading partner, and accounts for 16.48 per cent of the country's exports, and 6.26 per cent of its imports. However, there exists enormous potential for growth in two-way trade, as India accounts for only 1.06 per cent of the US total trade.

According to Gen Bruce Scott of ITT Defence, a $8-billion company which specialises in high tech defence electronics items such as radar, air control and combat radio equipment, besides manufacture of pumps and water management plants, there could be opportunities in India in areas such as water treatment, management and desalination plants.

He sees vast scope for growth for the company through international sales (in 60 countries), which account for nearly 45 per cent of its turnover in 2006.

Mr Sean Sovak of Lighthouse Funds said his company, with focus on investments and financial services, is keen to work with the SME sector, particularly in mergers and acquisitions.

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