India can be anchor for US business in Indo-Pacific region: Juster

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HYDERABAD – U.S. Ambassador to India Kenneth Juster on Monday said India can be the anchor for U.S. business and investment in the Indo-Pacific region.

His comments came on the eve of Global Entrepreneurship Summit (GES), beginning here on Tuesday which will be addressed by Prime Minister Narendra Modi and U.S. President Donald Trump’s daughter and advisor Ivanka Trump.

Stating that economic relationship is an important part of overall strategic partnership, he described GES as another significant symbol and tangible sign of very strong strategic partnership between the two countries.

“Economic relationship should be as strategic as security relationship. India should try to see itself over (a period of) time as the anchor for the U.S. business and investment in Indo-Pacific region. That will only give greater value to our strategic relationship and make sure U.S. presence in this region is a long-term one and we are here in full force,” the Ambassador told a news conference.

“This conference is important step in that process. Here we are here working together to promote innovation. We are two most innovative societies, two democracies and we share values,” he added.

Juster said while the event was organized to stimulate innovation and job creation, it may have a side benefit of additional investment and trade.

Describing GES as an extraordinary event in which 150 countries will be represented, he said the U.S. and India were not only working together for their prosperity but also for countries around the world.

As the GES here will focus on women, he said this was critical as women represent significant part of population but also represent the business world. He underlined the need to help women entrepreneurs network with mentors, finance and market opportunities.

Ivanka, who is also a successful entrepreneur, will lead the U.S. delegation, which will also include USAID administrator Mark Green and Overseas Private Investment Corporation President and CEO Ray W. Washburne. The U.S. delegation is represented by 38 states, the highest-ever in GES.

Niti Aayog CEO Amitabh Kant said that through GES, they were trying create the best ecosystem for entrepreneurship, start-ups, technology disruptions and innovations. He said the young entrepreneurs would meet with investors, interact and learn pitching for investment.

He said there was no dearth of funds for start-ups as the government was keen to encourage entrepreneurship. Kant said SIDBI has created a corpus of Rs 10,000 crore to fund new entrepreneurs and start-ups.