The US envoy to India said the relationship between India and the US has never been better.
Oxon Hill:
The relationship between India and the US is not just “addictive”, it is “multiplicative”, said US envoy to India Eric Garcetti.
Garcetti also said that the relationship between the two countries has never been better. The Indian-American community is the most successful immigrant community in America.
He made these remarks on Monday at a side event at the SelectUSA Investment Summit, for which the largest delegation is from India.
“This (India and US) is a relationship that is not just additive. It’s not just the US plus India. It is multiplicative. It’s the United States times India,” said Garcetti on the sidelines of the summit, to which the largest delegation is from India.
The SelectUSA Investment Summit is the nation’s premier event to facilitate business investing, connecting thousands of investors, companies, economic development organizations (EDOs) and industry experts to make deals happen.
Garcetti spoke at the event where India’s JSW Steel announced its plans to invest US$140 million in Bayton, Texas.
“Now, Americans are increasingly familiar with Indian brands and companies…Together, we are investing in third countries, infrastructure, energy, climate solutions, enabling tomorrow’s prosperity,” Garcetti said in announcing JW Steel’s investment in Texas.
“We are very excited about JSW Steel’s announcement of a $140 million investment in America in Baytown, Texas. JSW is one of the largest Indian investors in the United States, investing more than 2 billion dollars here in this country, in Texas and Ohio. They got a tremendous return on their investment,” he said. This FDI would result in jobs for more than 800 American workers.
Garcetti further said that the relationship between India and the US has never been better.
“We have never had a closer relationship with India. Americans of Indian descent now make up about 1.5% of our population. And pay six percent of taxes in America. It’s the most successful immigrant community in America,” he said.
“Although the story was about American companies going to India to invest, which we still do,… more and more we see this two-way street, an Indo-Pacific bridge from India to the United States, saving steel mills, looking at mines that were closed, investing in electrolytes for electric vehicles of the future, in services, in health,” said Garcetti.
Diane Farrell, Deputy Assistant Secretary for International Trade at the Department of Commerce, said India has the largest delegation of countries at the SelectUSA Investment Summit.
Divyakumar Bhair, board member of JSW Steel USA, said these investments would go towards manufacturing high-quality steel plates that are used for offshore wind power, monopiles, transition pieces and towers.
“Not only will this help realize the clean energy dream for generations to come in the United States, but it will also catalyze local Texas economies,” he said. JSW USA is part of the diversified $24 billion JSW Group.
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