U.S. Ambassador to India Eric Garcetti highlighted that, over the past year, Indian companies secured $3.4 billion in deals and investments in the United States during the SelectUSA Investment Summit. During an event hosted by the U.S.-India Business Council (USIBC) titled “Promise and Prosperity of the U.S.-India Relationship,” Garcetti emphasized India’s increasing influence on the U.S. economy.
Garcetti pointed out that while American investments generate employment opportunities in India, Indian investments are simultaneously creating jobs for Americans. Referring to the SelectUSA Investment Summit, Garcetti noted that, for the second consecutive year, India sent the largest delegation of any country. He also highlighted that the 2023 Indian delegation made history by achieving the highest number of investment deals totaling $3.4 billion.
These investments span a wide range of sectors across the U.S., including steel manufacturing in Texas, electrolyzer production in North Carolina, and reopened steel plants in Ohio. Additionally, significant investments in services, biotech industries in New Jersey, and technological innovations in California have strengthened the economic connection between the two nations.
The SelectUSA Investment Summit serves as the premier platform for encouraging business investments in the U.S., fostering connections between investors, companies, and industry experts. Garcetti stressed the importance of reducing tariffs, enhancing trade, and ensuring fairness and equality in economic dealings.
He also acknowledged the successful resolution of several trade disputes between India and the U.S., noting achievements such as the lifting of barriers that now allow Indian metals to enter the U.S. market more freely. In return, agricultural products like almonds, walnuts, apples, and lentils from various U.S. states have found increased market access in India, boosting trade by tens of millions of dollars.
Garcetti emphasized the importance of collaborative efforts in workforce training and talent development to meet the needs of companies across the Indo-Pacific region. He highlighted that since his appointment, 70 market access and investment issues for U.S. companies in India have been addressed, further reinforcing the positive trajectory of U.S.-India economic relations.
