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India, the 3rd fastest growing investor in the US

Indians are the third fastest growing foreign investors in the United States, a top Obama Administration official has said.



Washington: Indians are the third fastest
growing foreign investors in the United States, a top Obama
Administration official has said, acknowledging the positive
contribution of India in the US economy at the time of
recession.

"India is the third fastest growing foreign investor in
the US," said Holly Vineyard, Deputy Assistant Secretary of
Commerce for Africa, the Middle East and South Asia, at an
event here yesterday.

Vineyard said Indian investment in 2008 was USD 4.5
billion but the investments in 2009 grew 60 per cent higher
than investments in the previous year. He was quoting from a
yet to be published report by India US World Affairs
Institute and the University of Maryland.

The report will soon be released by Congressman, Jim
McDermott, Co-Chair of the Congressional Caucus on India and
Indian-Americans, at a function organized by the East West
Center, a Washington-based think tank.

The Joint study has found 372 acquisitions by Indian
companies in the US between 2004 and 2009 worth USD 21
billion. This has created an estimated 40,000 employments in
the US.

Giving preview of the report, the FICCI secretary
general, Amit Mitra, said there were 127 green field
investments worth $5.5 billion by Indian companies in the
United States. "So these are huge numbers that India is
contributing to the US economy," Mitra said.

"In contrast", the FICCI secretary general pointed out,
"India was facing difficulties in attracting US investment in
its infrastructure sector."

US needs to do more in the infrastructure sector, he
said. "We have come here to tell the US government and
businesses, `get in there`."

To boost the US involvement in India, FICCI is following
Track II policy, envisioned by the External Affairs Minister,
S M Krishna, and the Secretary of State, Hillary Clinton when
they meeting here earlier this month. The policy works on
enhancing public private engagement in economic and strategic
sectors in both the countries.

Yesterday, as part of Track II policy, FICCI signed a
memorandum of understanding with the Council on
Competitiveness. In the MOU, FICCI and the Council agreed to
work together to accomplish projects that shared their mutual
interests including the development of innovative human
capital and sustainable development.

PTI

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