US-India business summit sees huge potential (Lead, changing dateline)

Menlo Park (California), April 29 (IANS) The first annual US-India Business West Coast Summit attended by 300 top business leaders from the two countries has highlighted the dynamic potential that exists in present and future collaboration between them.

Hosted by the US-India Business Council (USIBC) and the Federation of Indian Chambers of Commerce and Industry (FICCI), the summit held at the Rosewood Sand Hill in Silicon Valley over the weekend attracted prominent business and policy leaders from both countries.

Themed 'Building Bridges, Fostering Innovation,' the conference focused on the most pressing political and economic issues impacting US-India relations, as well as technology and innovation, renewable energy and trade and investment, according to USIBC.

Former US Secretary of State Condoleezza Rice, describing India as 'a wonderful example of what democratic institutions can achieve', said: 'The Indian democracy cannot be underestimated.'

Andy Bird, chairman, Walt Disney International said: 'India is all about cricket, film and television, so Disney had to be involved in at least two of those to be successful there. So our strategy in India has been driven by media.'

'As part of strategy, we've acquired media companies there. We are just learning to walk in India, but pretty soon we'll be jogging and running and we're looking forward to a very bright and exciting future there,' he added.

'Collaboration is the future,' said Wim Elfrink, EVP, Emerging Solutions & Chief, Globalization Officer, Cisco Systems.

Noting that 100 million Indians are expected to urbanise in the next 10 years, he said: 'Needless to say, this is a tremendous opportunity for US and India to collaborate.'

Vinod Khosla, partner, Khosla Ventures said: 'Innovation happens in an evolutionary way, in small increments as opposed to something big happening all at once. Some areas are riper for innovation than others.'