'US cos can explore biz opportunities in India's infra sector'
American companies can explore business opportunities in the Indian infrastructure sector, which is expected to see a $1 trillion investment during the 2012-17 period, a senior US government official said on Tuesday.business Updated: Jul 19, 2011 12:00 IST
American companies can explore business opportunities in the Indian infrastructure sector, which is expected to see a $1 trillion investment during the 2012-17 period, a senior US government official said on Tuesday.
"Infrastructure is one area where India and US investors can work for mutual benefit," US under secretary for economic, energy and agricultural affairs Robert D Hormats said.
Hormats said the Indian government has estimated an investment of $1 trillion in the infrastructure segment during the 2012-17 period and "this is a great opportunity for US investors".
Out of the expected $1 trillion investment in the infrastructure space during the 12th Plan (2012-17), he said the private sector is projected to contribute up to 50%.
He also said during the 2005-2009 period, Indian investment in the US grew by an annual 35% and created thousands of jobs in America.
"We continue to welcome you (Indian companies )and encourage Indian investments in the US... We will work with the Indian government and private sector to increase investments in both the countries," Hormats said.
During April-December, 2010-11, bilateral trade between India and the US crossed $30 billion.
Hormats was speaking at a roundtable organised by the US-India Business Council (USIBC) on supporting India's infrastructure sector.
The session saw the participation of senior US government officials, as well as Indian and American business executives.