US biz pleased with Obama's approach to trade with India

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SME Times News Bureau | 08 Nov, 2010
US business is pleased with the way President Barack Obama has put trade and economic ties right at the top of priorities during his India visit.

"We welcome President Obama shining the spotlight on business opportunities for American companies in India," said Harold "Terry" McGraw III, chairman and chief executive, The McGraw-Hill Companies.

Obama charmed top corporate leaders of India and the US at a summit organised by the United States-India Business Council (USIBC), saying all the right things such as bringing down trade barriers and easing controls on exports of hi-tech goods.

"India is the United States' 12th largest trading partner. It could be number one or two if the conditions for trade between these two giant economies continue to improve," added McGraw, chairman of USIBC.

The White House had announced commercial deals worth over $15 billion, ahead of Obama's address to the industry leaders. These orders will add nearly 54,000 jobs in the US, where unemployment rate is at near 10 percent.

"President Obama said yesterday (Saturday) that trade and commerce are the most powerful force to eradicate poverty and create opportunity. India provides an excellent example of this force at work," said McGraw.

The U.S.-India Business Council (USIBC) is the premier bilateral business advocacy organization whose members include America's and India's top companies. It is hosting a series of events during the president's visit.

"President Obama's visit to India comes during a critical juncture for U.S. business, and for the global economy," said Ron Somers, president of the USIBC.

"Never before have commercial ties between the U.S. and India been so important. Business must now pick up where President Obama left off, and drive our partnership forward," Somers added.

The USIBC delegation of U.S. includes Louis Chenevert, chairman, United Technologies Corporation; Jeff Immelt, chairman and chief executive, GE, Indra Nooyi, chairman and chief executive, PepsiCo, David Cote, chairman and chief executive, Honeywell, Paul Hanrahan, chairman and chief executive, AES.

Among the Indian top corporate honchos on the Council are Mukesh Ambani, chairman, Reliance Industries, and Rajan Bharti Mittal, managing director, Bharti Enterprises.