US reiterates strong support for Global Entrepreneurship Summit in Hyderabad

US commerce secretary Wilbur Ross said he expects to see a better turnout at the 2017 summit than the 700 entrepreneurs who attended the previous one.

world Updated: Sep 12, 2017 23:42 IST
Yashwant Raj
Yashwant Raj
Hindustan Times, Washington
US commerce secretary Wilbur Ross,Global Entrepreneurship Summit,Prime Minister Narendra Modi
File photo of US commerce secretary Wilbur Ross.(Reuters)

United States commerce secretary Wilbur Ross on Tuesday said the upcoming Global Entrepreneurship Summit in Hyderabad will be an “ideal meeting place” for investors, innovators and entrepreneurs, reiterating the Donald Trump administration’s strong support for the convention that the US and India are jointly hosting in Hyderabad.

“By investing in women across the world, we are investing in families, economies and peace,” Ross said at an event hosted by the US India Business Council, a Washington-based advocacy, referring to the theme of the summit.

The summit was announced by Prime Minister Narendra Modi and President Donald Trump when they met in Washington in June. Trump later announced his daughter and adviser Ivanka Trump will be leading the US delegation, the registration for which is currently on.

“The theme of the Global Entrepreneurship Summit 2017 recognises that women entrepreneurs are drivers of the global economy,” Ross said.

He went on to pitch the summit to investors, saying he expects to see a better turnout at the 2017 summit than the 700 entrepreneurs who attended the previous one.

Ross, who is currently in the process of reviewing America’s bilateral trade deficits with partner countries as instructed by Trump, reiterated the stated US position that that the current administration would like to reduce the deficit, which stands at $29 billion.

He also said India must give American countries greater access to its markets and level the playing field for them, in relations to privileges and benefits enjoyed by its own domestic firms.

But he also noted positive development in India in the adoption of the unified Goods and Services Tax, the reforming of the bankruptcy, and insolvency codes

Ross, who has had a long experience working with India as an investor and who is considered close to Trump, started his remarks recalling his own business association with investments in Mumbai and in SpiceJet, which has returned the “favour” — the airline recently announced massive purchase of airplanes from US manufacturers.

He also said he has a “warm feeling” for India.

First Published: Sep 12, 2017 23:42 IST