The Hindu Business Line : Indo-US trade set to grow 50%, says Consul General

The Indo-US bilateral trade relationship is projected to grow at about 50 per cent at $60 billion during 2008-09, against about $40 billion in 2007-08, Mr Henry Jardine, the US Consul General in Kolkata, said here on Wednesday.

“I recall when I arrived we spoke of a bilateral trade relationship valued at about $20 billion and now in the coming year, we are projecting possibly $60 billion in bilateral trade,” Mr Jardine said.

The Consul-General, who is leaving the city in July, was sharing his experiences about Bengal and the business prospects in the near future.

The US investments so far have been focused on petrochemicals, information technology, financial services, engineering and infrastructure.

“With recent agreements signed between India and the US, other areas of opportunities, such as agro-business, science and technology, are set to offer good potential,” Mr Jardine said.

Eastern India and West Bengal in particular need investment in infrastructure such as large multi-lane highways, overpasses, bridges, additional ports, and airports, he said.

More than 30 per cent of farm products do not reach the market because of inefficient cold storage and transportation systems.

Foreign investment in these areas will help farmers get a better deal, apart from bringing costs down, he added. Talking about the impact of frequent strikes on industrial growth, Mr Jardine said that bandhs could pose a serious problem for setting up new industries.

“It is sometimes difficult to get American companies to set up a base here,” he said.

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