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SelectUSA is wooing Indian small and medium enterprises to invest in the United States, noting that huge potential exists for them to either open shop or grow their business in that country.
By locating their business in the US, Indian SMEs could become globally competitive and help grow the pie back home too, Ambassador Vinai Thummalapally, Executive Director, SelectUSA told reporters in the capital on Thursday.
Thummalapally, who is also Senior Department of Commerce official, is currently on five city tour of India to encourage Indian investments into the US.
He will jointly make a pitch (to Indian businessmen) with Exim Bank Chief in Mumbai on the benefits of making investments in the United States.
Highlighting the potential of investment success for SMEs, Thummalapally cited the example of Maqdoom Bros—fourth generation garment makers from Hyderabad—who are opening shop in Chicago.
S G Mills from Coimbatore is another example of SME (garment maker) who is entering the US and opening shop in North Carolina.
“There are thousands of companies—particularly in SME space-- in India that could benefit from SelectUSA”, he said.
SelectUSA is a programme that is specifically focusing on helping Indian businesses to expand operations or open shop—make greenfield investments—in the US.
Launched in June 2011, SelectUSA caters to all Indian companies—both large and SMEs.
“It seems we are interested only with SMEs. We believe larger companies already have a footprint in US. Also they have capacity and existing relationships with us. We already work with them on a daily basis”, Thummalapally said when asked if SelectUSA was only focused on attracting Indian SMEs to US.
However, in the case of SMEs, there are thousands of Indian SMEs who could use SelectUSA services, he said.
“We mean business. We want to partner the SMEs. We want them to succeed in the US and want them to understand the opportunities”.
John M McCaslin, Minister Counsellor for Commercial Affairs, US Embassy in Delhi, said investing in US is all about being internationally competitive.
“If you have aspirations to be globally competitive—some of the Indian companies already are…We would like to see lot more Indian companies to be globally competitive. There are tremendous opportunities in US to help Indian companies become globally competitive”, he said.
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