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New Delhi, June 29 The Union Commerce and Industry Minister, Mr Kamal Nath, has asked the US investors to take ample advantage of the growing opportunities in India’s agriculture, energy, tourism, civil aviation and other sectors of the economy.

Speaking in Washington at the Indo-US business council meeting, Mr Kamal Nath said that there was immense scope for India and the US to enhance their trade, investment and technology co-operation.

He pointed out that a majority of US firms in India were reporting double-digit year-on-year growth. Mr Kamal Nath highlighted the success of companies such as Coke and GE and banks such as Bank of America and Citibank in India.

The Commerce Minister quoted a Goldman Sachs report predicting that productivity growth would help India sustain an over 8 per cent growth until 2020 and become the world’s second largest economy by 2050.

In terms of foreign direct investment (FDI), the US is the second highest investor in India. FDI approvals of $856 million were accorded during the year 2006-07. Total FDI from the US since 1991 amounted to $5.9 billion.

During the period April 2006-February 2007, India’s exports to US were $16.9 billion, while imports were valued at $9.2 billion.

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