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The US is trying to woo large Indian conglomerates such as the Tatas, Essar Group and the Aditya Birla Group to step up investments in the US, a top government official said.
“Foreign direct investment by the US into India is currently at $27 billion while Indian FDI into the US stood at $7 billion at the end of 2010…our endeavour is to increase the quantum of investments across industries going forward,” Mr Barry E.A. Johnson, Executive Director of SelectUSA, told Business Line.
Initiate talks
In addition to initiating discussions with top Indian conglomerates, Mr Johnson also met representatives of companies such as ABG Shipyard, Tata Consultancy Services, Tata Consulting Engineers among others as part of an interactive session arranged by the Confederation of Indian Industry.
Established in June this year, SelectUSA is a government initiative within the US Department of Commerce to encourage, facilitate and accelerate business investments by both domestic and foreign firms in the country.
The move to attract Indian Inc to the US assumes significance as last weekend, the President, Mr Barack Obama, said that the US has become a little ‘lazy’ about attracting foreign investment, and needs to be more aggressive about attracting overseas dollars.
Virginia
“The same facilities and assistance that are provided to the US based companies will be extended to Indian companies who venture into the US…one of the objectives of SelectUSA is to find ways to reduce red-tapism that companies large and small experience when they do business in the US,” said Mr Johnson.
Meanwhile, the State of Virginia (US) said it is offering Indian companies and investors incentives based on capital investment and actual number of jobs created. In contrast to most other US states, the state of Virginia will pay incentives in cash form to the enterprise, instead of tax credits, according to a press statement.
Virginia is targeting industries such as plastics, advanced manufacturing, IT and energy for investments
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