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HomeBusiness NewsKnow-how key to future Indo-US ties: Sandhu

Know-how key to future Indo-US ties: Sandhu

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‘This has been a “momentous yr” for India-US commerce and financial relations,’ say the Indian envoy.

‘This has been a “momentous yr” for India-US commerce and financial relations,’ say the Indian envoy.

This has been a “momentous yr” for India-US commerce and financial relations, New Delhi’s high diplomat right here mentioned Thursday, June 9, 2022, underlining the “monumental” potential of the financial partnership between the 2 nations.

India’s Ambassador to america, Taranjit Singh Sandhu mentioned, “Final yr we did hit a historic excessive of greater than US$160 billion in India-US bilateral commerce. Do take into account that we had been in a position to obtain this throughout the pandemic with none formal commerce settlement and regardless of provide chain disruptions.”

Mr. Sandhu was talking at a reception organised for a enterprise delegation from the Fairfax County of Virginia, which has a powerful relationship with India. “This has been a momentous yr for India-US commerce and financial relations.”

The 2-way investments additionally stay equally strong, mentioned the Ambassador. “With 200 Indian corporations current in america and greater than 2000 US Corporations in India, the potential of the financial partnership between our nations is a gigantic one,” he mentioned.

India-Virginia commerce

India-Virginia commerce stood at USD 1.65 billion in 2019 and is estimated to have grown by over 15 % since then, he mentioned.

India’s exports to Virginia stood at USD 644.44 million and imports from Virginia stood at USD 1.01 billion. Prime gadgets of exports from Virginia to India are — minerals and ores; waste and scrap; chemical compounds; laptop and digital merchandise; and petroleum & coal merchandise.

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Prime gadgets of exports from India to Virginia are: Textile mill merchandise; chemical compounds; attire manufacturing merchandise; transportation tools; and electrical tools, home equipment and elements.

“I perceive Virginia shall be sending a commerce mission to India early subsequent yr. We shall be completely satisfied to make the go to productive and fruitful,” Mr. Sandhu mentioned on the reception which he hosted on the India Home.

“Whereas there’s a lot that has been finished to capitalize on our financial partnership there’s a lot that may nonetheless be finished within the days forward. Governments can’t do it alone. We look ahead to our pals from Virginia, the FCEDA and the trade right here to be companions in our journey forward,” he mentioned.

‘Tech key to future’

Mr. Sandhu mentioned that “tech” is the important thing to the way forward for India-US relations, and even perhaps the way forward for the planet.

“To me, it’s the most enjoyable, essentially the most topical, the place most of you right here have your experience. Additionally it is intently associated to a different essential ‘T’, which is Expertise. Each India and the US are societies that worth innovation and ingenuity. Each sector at the moment is affected by expertise. Nobody is immune. The pandemic has solely fast-tracked a few of these modifications which might have in any other case most likely taken a long time,” he mentioned.

That is the place Virginia turns into essential, he mentioned. “Virginia is the place many say the web was invented. You understand this craft higher than anybody else maybe! And what a journey it has been for the world since then!” he added.

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On the latest bilateral Summit between Prime Minister Narendra Modi and President Joe Biden in Tokyo, India and the US launched the initiative for crucial and rising applied sciences (iCET) — from AI to quantum, biotech, web of issues and 5G/superior telecommunications, Mr. Sandhu mentioned.

“In every of those areas, there are vulnerabilities as additionally alternatives. What’s fascinating about this initiative is 2 elements: one, it’s led by the respective Nationwide Safety Council on either side. Two, it brings collectively all stakeholders on board past the Governments- academia, trade and so forth,” he mentioned.

The second essential improvement within the tech discipline is underneath Quad: There’s a enormous quantity of labor occurring in ORAN, semiconductors, requirements, biotechnology, and quantum applied sciences and so forth. underneath Quad framework, he mentioned.

“On the latest Summit in Tokyo, leaders determined to convene a enterprise and funding discussion board for networking with trade companions to increase capital for crucial and rising applied sciences,” Mr. Sandhu mentioned.

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