Addressing the India Ideas Summit of the US-India Business Council (USIBC), US Secretary of State Antony Blinken stated that Indian companies have invested more than $40 billion in IT, pharmaceuticals, and other industries in the US, supporting 425,000 jobs from California to Georgia.
The theme for this year’s USIBC summit is ‘Trust, Resilience, and Growth.’ The summit, taking place on 12 and 13 June in Washington D.C. will primarily focus on how the three principles reinforce the India-US economic cooperation across diverse industries.
The annual USIBC summit is part of the US Chambers of Commerce and is being held ahead of PM Narendra Modi’s upcoming official visit to the US on 22 June.
US Secretary of State #AntonyBlinken says the US-India relationship is a unqiue one between the world's oldest and largest democracies.#USIBC #IndiaIdeasSummit2023
— CNBC-TV18 (@CNBCTV18News) June 12, 2023
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Blinken Acknowledges Unique India-US Relationship
Blinken remarked on the world’s oldest and biggest democracies’ unique relationship, adding that there is still work to be done to enhance transparency, encourage market access, and develop the respective democracies to promote the full potential of the people. “The trajectory of this partnership is unmistakable and it is filled with promise,” he added.
The US became India’s largest trading partner in 2022, when trade between countries hit a record $191 billion. According to Blinken, American companies have spent nearly $54 billion in India’s manufacturing and telecommunications industries.
During the event, Blinken emphasised that India has played a crucial role in resolving pressing global issues such as health, regional, and challenges in the Indo-Pacific region. “I have witnessed India’s constructive leadership on these issues up close these last two and a half years, and I see it in their ambitious agenda at this year’s G20,” he added.
#WATCH | Last year, as you all know, trade between our nations reached a record $191 billion dollars, making the US the largest trading partner for India. American companies have now invested at least $54 billion in India. In US, Indian companies have invested over $40 billion in… pic.twitter.com/4tXLJ3y4lG
— ANI (@ANI) June 13, 2023
Blinken further said that Air India announced the historic acquisition of more than 200 Boeing aircraft in February, which would support an estimated one million jobs across 44 states in the US.
The Secretary of State also applauded the US and India’s education systems, which have produced the leaders of some of our most iconic companies – from Google to Infosys. He cited the example of former Mastercard CEO Ajay Banga, who is now the new World Bank President.
He stated that more than 200,000 Indians are studying in American institutions, making India the second-largest source of international students in the US. “This is how you build the bridges of the future,” Blinken emphasised.
Blinken Lauds PM Modi’s Forthcoming Visit
“We are here almost literally on the eve of what we believe will be a historic state visit by Prime Minister Modi, one that will further solidify what President Biden has called the defining relationship of the twenty-first century,” the Secretary said.
Blinken stated that the US and India are undertaking transformative investments in their respective nations, including Biden’s $1.2 trillion Bipartisan Infrastructure Act and Modi’s 100-trillion-rupee ($1.2 trillion) infrastructure plan, to make their respective economies more productive and appealing to investors.
“India has joined three pillars of our new Indo-Pacific Economic Framework -- committing to build more resilient supply chains, seize clean energy opportunities and combat corruption,” he added.
VIDEO | "We're here ahead of a historic State Visit by Prime Minister Modi -- one that will further solidify what President Biden has called a 'defining relationship' of the 21st century," said US Secretary of State Antony Blinken at the annual India Ideas Summit of the US-India… pic.twitter.com/AI4gLUyG59
— Press Trust of India (@PTI_News) June 13, 2023
India’s Remarks
Taranjit Singh Sandhu, India’s ambassador to the US, described the development of the India-US relationship as “phenomenal.” While speaking at the summit, he stated that PM Modi is the third Indian leader to be honoured with a state visit by a US President.
According to Sandhu, India is keen to persuade US companies to invest in India. He mentioned that Indian firms are investing and generating employment in the US.
Joined Secretary of State @SecBlinken, @USAmbKeshap and many friends of India & US @USIBC dinner #IndiaIdeasSummit2023.
— Taranjit Singh Sandhu (@SandhuTaranjitS) June 13, 2023
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🇮🇳🇺🇸 is a partnership like no other! Best wishes to the Summit. pic.twitter.com/QWma3R1mr0
The Indian ambassador advocated that India and the US are wiser and more mature partners. He stated that India is a critical global supply and value network component, which has around 1.2 billion customers and 825 million internet subscribers.
He emphasised that both countries have a lot of energy and synergy in the IT industry, and also discussed the iCET industry roundtable and the recently launched India-US Strategic Trade Dialogue.