Two sides pledge to promote attractive business environment for companies to invest in both countries
WASHINGTON: Targeting a five-fold jump in US-India trade to $500 billion, US President Barack Obama and Indian Prime Minister Narendra Modi on Wednesday vowed to establish a joint programme to boost business investment.
After two days of talks focused on ways to give a boost to ties through economic, energy and security cooperation, the two sides agreed on $1 billion of concessional financing from the US Export-Import Bank for India’s renewable energy development agency.
The two leaders, who met for the first time, agreed on boosting two-way trade to $500 billion from $100 billion. However, no deadline was set for reaching the goal.
“President Obama and Prime Minister Modi recognized that US and Indian businesses have a critical role to play in sustainable, inclusive, and job-led growth and development,” a joint statement issued after the meeting said.
They also agreed to establish an Infrastructure Collaboration Platform convened by the Ministry of Finance and the Department of Commerce to enhance participation of US companies in infrastructure projects in India.
“In this context, the US government welcomes India’s offer for US industry to be the lead partner in developing smart cities in Ajmer (Rajasthan), Vishakhapatnam (Andhra Pradesh) and Allahabad (Uttar Pradesh),” it said.
India will welcome two trade missions in 2015 focused on meeting its infrastructure needs with US technology and services.
The two sides pledge to promote a business environment attractive for companies to invest and manufacture in both countries.
