The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized an interactive meeting with His Excellency Mr. Mitchell Roob, Secretary of Commerce, State of Indiana, USA on “Indo-Indiana Trade & Commerce Relations” at J.S. Krishna Murthy Hall, Federation House, Hyderabad. Mr. Mitchell Roob, Secretary of Commerce, State of Indiana, USA was participated as chief guest for the occasion along with 16 other Indiana business delegates Mr. Shekhar Agarwal, President, FAPCCI, Chairman Mr. Srinivas Ayyadevara, International Trade committee, FAPCCI, Mr. M.V. Rajeshwara Rao, Secretary General, FAPCCI and Committee Members, FAPCCI and import & export members are participated at the meeting.
Mr. Mitchell Roob while delivering his address Mr. Roob presented the power point presentation on USA economy and briefing us the opportunities available in USA with International Investment of $37 Billion & 148,000 Hoosiers employed by International Investors. Mr. Roob said that Indiana’s Telecommunications Deregulation Act has brought increased competition, leading to new investments and jobs. He also said Indiana Exempts certain income derived from qualified patents from the calculation of a company’s tax liability.
Mr. Roob said that Indiana is one of the nation’s top four life science leaders in terms of the number and concentration of life science jobs (BIO/Battelle 2010). Since 2002, nearly $2.5 billion has been invested in life sciences projects in Indiana. Indiana is home to over 370 tier 1, 2, and 3 automotive suppliers. The supplier base provides components including engine, drive train, suspension, electronics, HVAC, interior and exterior trim. High tech workers in Indiana earn 61% more than the state’s average worker. Since 2005 Indiana has added over 6,500 jobs in agriculture, attracted more than $5.3 billion in private capital investment.
Mr. Shekhar Agarwal President, FAPCCI, said that United States and India play a significant role in the global arena. USA is India's largest export destination and also one of the leading foreign investors in India. USA is the third largest contributor of Foreign Direct Investment (FDI) in India. There are several areas where there is abundant scope to further improve economic cooperation between India and USA. Opportunities for progress exists especially in areas like communication infrastructure, IT, telecom, IT-enabled services, data centres, software development, and other knowledge industries such as pharmaceuticals and biotechnology.
Mr. Agarwal, even said that Recent visit of US President Mr. Barack Obama deepened India-USA co-operation in pursuit of clean energy technologies including the creation of new clean energy research centre and continuing joint research into solar, biofuels, shale gas and building efficiency These would definitely help India to develop its space technology and defense industry.
Mr. Agarwal suggested that Andhra Pradesh would be happy to share its experience and expertise with USA in various areas ranging from agriculture and small scale Industries to infrastructure projects such as roads, railways, telecommunications etc, and the scope of establishing business co-operation, joint-ventures, technology import and/or making investment in USA especially in Indiana.
Mr. Rajeshwara Rao, Secretary General, propose vote of thanks to His Excellency Mr. Mitchell Roob, Secretary of Commerce, State of Indiana, USA, for participating and addressing the members. Mr. Rao expressed his sincere thanks to Dr. Surabhi Garg, Vice President, US India Political Action Committee and Director, Alliance of US India Business (AUSIB) and also to the members of the Business Delegation of Indiana, USA. FAPCCI presented the Literatures & Mementos to Mr. Mitchell Roob, Secretary of Commerce, State of Indiana, USA and also to the other delegation from Indiana, USA which includes Mr. Stephen J. Akard, Director, International Development, Indiana Economic Development Corporation (IEDC) & Dr. Surabhi Garg, Vice President, US India Political Action Committee and Director, Alliance of US India Business (AUSIB).
Mr. Rao expressed his thanks to Invitees, Members of Managing Committee, Past-Presidents & Members of the Federation, and Press & Media for participating in the meeting.