USIBC President: US-India economic partnership growing in importance for both countries

Ahead of India Ideas Summit to be organised by US-India Business Council (USIBC) on July 21-22, its President, Nisha Biswal on Thursday said US-India economic partnership is growing in importance for both the countries.

In an interview to ANI, Biswal said: "US-India economic partnership has been one that has been growing in importance for both countries. We have seen that the pandemic has created enormous disruption on global supply chains including in the pharmaceutical sector and the US-India partnership is one of the trusted partners."

"So as we look at the research and collaboration that's going on around the vaccine around treatment options. We see that the US and India are working together very closely on a number of these fronts," said Biswal.

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The USIBC President said India stands to benefit as the companies look to diversify their global supply chains.

"I do think that there is a conversation that is going on within the boardrooms of companies across the world that have global supply chains, about how do they de-risk, how do they make sure that they are diversifying their supply chains and making sure that there's not an overwhelming dependency on any one geography. I do think that that will include a move towards more regional investments and India stands to benefit," she said.

She noted that there are "obviously things" that India can do to try to improve its competitiveness because "it's not really just about a geopolitical conversation about whether you're located in China versus India but it's about a global competition now with more and more countries, offering more and more incentives to make in Vietnam, make in Malaysia, make in Mexico, make in the United States."

"And I think make in India is a very attractive opportunity, but one that has to go up there and compete with the rest of these countries. And that is one of the conversations that we look forward to having during our idea summit next week," said Biswal.

The India Ideas Summit organised by the powerful US India Business Council (USIBC) scheduled on July 21-22 will see discussions on a wide range of topics including the impact of coronavirus on global supply chain and healthcare collaboration between the two countries.

Prime Minister Narendra Modi will address the upcoming virtual Summit, which has assembled a high-powered line-up of US-India corridor leaders from across the business, government and society.

The USIBC President said like many countries, India too is dealing with the politics of economic disruption that has impacted its workforce and its industries.

"I think India, like many countries, is dealing with the politics of an economic disruption that has impacted its workforce and its industries. On the other hand, you know I credit the Prime Minister for continuing to keep a very global outlook and understanding the opportunity that India has right now in not only making for India, but making for the world...," she said.

"...And I think that the more competitive India is with respect to his regulatory policies, its tax structures and such, it can leverage the assets that it has including a strong labour force that is young skilled and English speaking, it can leverage these assets, it can leverage its large market to draw more of that investment," Biswal added.

Asked about the trade deal that has been sticking point between two countries when it comes to economic front, she said the matter is for the two governments.

"I think the trade deal is really a matter for the two governments and particularly Ambassador Lighthizer in the US trade representative's office and Minister Goyal, so I don't necessarily think that the trade deal itself will be engaged or leveraged during our summit, certainly the issues and the opportunities that that trade deal is trying to unleash will be very much a focus of conversations next week," she said.

Asked about the H1B1 visa issue, it is our very strongly held view that both the United States and India benefit when we allow for our workers, our ideas, or innovations to be able to move more freely across both borders.

"The US Chamber in the US India Business Council have certainly made their views clear, I know American industry has made its views clear, and those are conversations I'm sure that are being heard at many different levels between the two governments as well," she said.

"So while it's not directly a focus of the idea summit. Certainly, it is our very strongly held view that both the United States and India benefit when we allow for our workers our ideas or innovations to be able to move more freely across both borders," stated Biswal.

(ANI)

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