Indo-US trade set to expand

The US cos have highlighted infra and bureaucratic hurdles as major impediments for flow of investment into India.

The US companies have highlighted infrastructure and bureaucratic hurdles as major impediments for flow of investment into India, while Indian companies want easier access to US markets and a liberal visa policy.

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In a move to forge greater economic partnership, the US-India CEO Forum has identified six major areas for cooperation: physical infrastructure development, energy security, human resource development, technology exchange, trade and industry promotion and intellectual property protection are the six major areas on which US and India will explore opportunities for partnerships.

William Harrison, co-chair of US-India CEO Forum, highlighted a few areas of concern for flow of investment and business co-operation.

“Infrastructure bottlenecks like smooth energy supply, roads, ports and airports are major impediments, and need to be addressed quickly. On the US side, visas have been a major concern, and we are taking it up with the concerned departments,” said Harrison.

Ratan Tata, co chair of US-India Forum, said, “In the last two days, we have bridged a canyon.”

Commenting on the proposal to make Mumbai a financial centre, Harrison said: “That is not going to happen in the next five years, but over time that seems to be the most appropriate vision,” he said.