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US firms keen to invest in India's infrastructure projects

Delhi,Business/Economy, Tue, 27 Mar 2012 IANS

New Delhi, March 27 (IANS) American companies are keen to invest in India's infrastructure projects, especially in the proposed Delhi-Mumbai Industrial Corridor (DMIC), US Commerce Secretary John Bryson said Tuesday.


"It is exciting to see India's trillion dollar commitment to infrastructure over the next five years. This plan is both ambitious and admirable. It includes as many as 600 major projects, including a strong emphasis on public-private partnerships," said Bryson.


"American businesses want to play a role in helping to turn this plan into a reality. The US government fully supports their efforts to build partnerships that are mutually beneficial to both of our countries," Bryson said at a meeting organised by the Indo-American Chamber of Commerce here.


Bryson, who is accompanied by senior executives of 16 US infrastructure firms on his first official visit to India as the commerce secretary, said the US government would encourage investments in India's infrastructure sector.


"We are strongly encouraging businesses across the US to consider the full spectrum of opportunities and partnerships throughout India - not just in India's four metros," he said.


In 20 years, he said, 68 cities in India will have populations of over one million people each. "Total yearly income of urban households in India is expected to reach $4 trillion in 2030."


He said high economic growth and rising urbanisation will boost the demands for American manufactured products in India.


Bryson said India was a key market in the US National Export Initiative which President Barack Obama launched in 2010.


US exports to India rose to $21 billion in 2011 as compared to $4 billion in 2001.


India is the 13th largest trading partner of the United States and its 17th largest merchandise export market.


India's merchandise exports to the US rose to $36 billion in 2011.


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