India and the United States are now cooperating on nearly every important challenge in the 21st century, from counter-terrorism to non-proliferation; from economic growth to reconstruction in Afghanistan; from food security to economic security, and Washington views New Delhi as an important partner in addressing the great challenges of the time, said a senior government official this week. Addressing an interaction organized by the East-West Center here, US Under Secretary for Economic, Energy and Agricultural Affairs Robert D. Hormats described the commercial relationship between the two countries as robust, and added that it was example of how strong people-to-people ties help complement government efforts.
"We believe in the free flow of ideas, information, and creative juices. We thrive on freedom of the press and the robust interplay of diverse views. Given that we share strong cultures of innovation, risk-taking and creative thinking, the potential for increased U.S.-Indian scientific and business collaboration is enormous," said Hormats.
"Our two countries already work together in a wide range of areas resulting in enhanced trade and investment and mutual job creation. Trade between the U.S. and India has doubled twice in the past ten years. It continues to grow and drive our economic partnership," he added.
Presenting statistics ahead of next week's US-India Strategic Dialogue, Hormats said that in 2010, two-way trade was up almost 30 percent from the year before.
He further revealed that Indian foreign direct investment in the United States was 5.5 billion dollars at the end of 2009, growing at approximately 35 percent between 2005 and 2009, making India the seventh largest growing source of FDI in the United States.
"We welcome such investment, we welcome more and more of it, and we will also discuss this while we are in India," Hormats said.
However, he said that it was unfortunate that some economic barriers continue to make it hard for U.S. exports to gain access to certain portions of India's markets, especially in agricultural goods.
"Restrictions in retail, insurance, defense and other key areas continue to limit the expansion of American firms and U.S. and Indian firm partnerships in India. We would like to see more of those partnerships. We must encourage and recognize the benefits of market openings that will allow trade and investment between our two countries to grow and to thrive to the mutual benefit of both," he added.
On the issue of bilateral defense deals, he said that while Washington was disappointed at not securing the contract for multi-role combat aircraft, it was nevertheless pleased that India continues to look to U.S. suppliers to facilitate its defense modernization.
"U.S. firms have already won almost eight billion dollars in defense sales in the past four years, including the purchase by the Indian Air Force of ten Boeing C-17 airlifters, transfer of the former USS Trenton to the Indian Navy, the Indian Air Force's purchase of six C-130J aircraft the first of which arrived on time and under budget in February, and the purchase of eight P-8 long range maritime patrol aircraft," he said.
"Our defense cooperation complements the ongoing state of complex joint exercises that continue to demonstrate the constructive ways American and Indian militaries can work together," he added.
On the issue of visas, Hormats said that for the past four years Indians have received about half of all H1B visas issued worldwide, and more than 44 percent of all L1 intra-company transfer visas.
He revealed that 650,000 Indians had traveled to the United States in 2010, an 18 percent increase over the year 2009.
"We welcome these talented and dynamic (Indian) students, a source of talent, energy and innovation in our universities and many of them work in the United States after their university years and we welcome the energy and the entrepreneurialism they bring to our private sector as well," he said.
"We would like to see more Americans go to India for tourism, business trips and exchanges. I particularly hope we can exceed the 2,700 Americans who studied in India last year," he added.
He said that the U.S.-India Higher Education Summit planned for this fall in Washington would bring hundreds of educational institutes together from both countries.
He said that the summit is aimed at fostering American students' participation in India's educational system and at the growing number of Indians studying in the United States as well.
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