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Indian companies increasing investment in US: Tillerson

US Secretary of State Rex Tillerson both US and India continue to benefit from their strong economic bonds.

business Updated: Oct 25, 2017 18:49 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Tillerson,Mahindra & Mahindra,Indian companies
US Secretary of State Rex Tillerson poses with minister for external affairs Sushma Swaraj before a meeting in New Delhi on Wednesday. (PTI Photo)

Indian companies, including Mahindra which is setting up first ever Indian automotive plant in the US, are increasing their investments in America, US Secretary of State Rex Tillerson said on Wednesday.

“US companies and products have everyday presence in the lives of Indians and we see increasing investments by Indian companies in America including a Mahindra vehicle plant that will open this month in Detroit, the first ever Indian automotive manufacturing plant in the US,” Tillerson said at a joint press conference with external affairs minister Sushma Swaraj here.

Mahindra & Mahindra plans to roll out off-road utility vehicles from the Detroit plant.

Tillerson added that besides partnering on issues related to regional and global stability, both US and India continue to benefit from their strong economic bonds.

“Our two countries have history of trade that dates back to the 18th century long before the independence of either one of our nations,” Tillerson said.

He said as part of the growing trade relations between the two nations, the first shipment of American crude oil arrived in India at the beginning of this month marking the first US oil export to India in more than four decades.

“Continued all sales have a potential to boost bilateral trade by up to 2 billion dollars per year. In fact, US India trade relationship which reached nearly 115 billion dollars last year touches many parts of the lives both our citizens,” Tillerson said.

First Published: Oct 25, 2017 18:49 IST