Indian Ambassador hosts reception for SelectUSA Investment Summit delegates

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Washington DC: To celebrate the India-US Economic Partnership, Indian Ambassador to the United States, Taranjit Sandhu hosted a reception for a select group of business leaders and dignitaries of the 2023 SelectUSA Investment Summit, at India House on May 3, 2023.

The Summit, aimed at promoting Foreign Direct Investment, held May 1-4, 2023, at the Gaylord National Resort and Convention Center in National Harbor, Maryland, attracted more than 3,000 attendees including Economic Development Organizations from US states and territories, and business investors representing more than 70 international markets. The Summit to-date has contributed to $80 billion in investment projects and supports around 60,000 jobs across the US and its territories.

Welcoming guests to India House, Ambassador Sandhu noted, “They say repetition is a reflection of conviction. So last year, we had a similar reception. And this time our conviction of-course continues, that we celebrate the bonds between our industry and our people-to-people ties. And this year is even more special because we have more than 220 Indian companies, which are participating in this Summit. I’m told it’s the largest ever delegation.”

Sandhu welcomed Governor of North Carolina, Roy Cooper, Governor of Guam, Lou Leon Guerrero, Governor of the Northern Mariana Islands, Arnold Palacios, Speaker of the Northern Mariana Islands, Edmund Villagomez, Cabinet Secretaries from Maryland, Delaware, New Mexico, Louisiana, and North Carolina, Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service, Arun Venkataraman and other dignitaries at the reception.

About Guam and Northern Mariana Islands, Sandhu asserted “Now these two are important territories and play a very significant role in the important story of our Indo-Pacific Partnership.”

Sandhu told the gathering that the Confederation of Indian Industry (CII), was releasing its signature report “Indian Roots, American Soil” detailing the presence of Indian companies in different US States. “And they bring strength, resilience, and competitiveness to the United States. They create jobs, support local communities, build capacities, technical know-how, and create virtuous cycles of prosperity,” he added.

Governor Cooper underscored the impact that Indian business houses have on North Carolina. “We were ranked number one by CNBC as the number one state to do business and we are excited about being here with SelectUSA and we’re grateful to them and CII for helping us pull this together. We have 5000 workers working for Indian based companies in North Carolina. We have companies like HCL, TATA, Infosys, and Bharat Forge and we are so excited about this wonderful relationship.”

Thanking Sandhu, Governor Palacios told the gathering “It’s a little bit overwhelming to think that these are individuals that are looking for opportunities to invest in the mainland United States,” adding “Having said all that, I would only ask that on your flight over from India. There is a little speck called the Northern Marianas end of Western Pacific right next to Guam… Give it a shot. Take a look at it. We are accessible through Incheon, Korea, and Tokyo… I think you will probably invest a little bit in these small islands…”

Inviting Indian investors and entrepreneurs to Guam, Governor Guerrero joked, “It’s a little bit closer to India than it is from North Carolina,” adding “Nothing against the Governor [Cooper], we are all wanting the success of everybody and certainly we will share the wealth.”

Executive Director of SelectUSA, Jasjit Singh, emphasized that the relationship is “Far deeper than just a Summit or one event. The importance I think is reflected in some of these numbers – total FDI from India to the United States in 2021 was $14.4 billion, creating 72,000 jobs. Yes. $254 million in research and development and $1.7 billion in goods export.”

Singh thanked the investors and further said “You have just found the largest consumer market. This is a culture of innovation. We have abundant natural resources. We have deep capital markets, and we have a stable regulatory environment for you. And we have policies that underscore that this is the time for you to invest in America.”

Thanking Ambassador Sandhu and SelectUSA for their partnership with CII, Director of CII, North America, Shuchita Sonalika said, “As India’s premier business chamber, CII has encouraged and supported two-way trade and investment cooperation between India and the US for decades.” Sonalika presented copies of the report to Sandhu and dignitaries.

According to the CII report, “Over 160 Indian companies are present throughout 50 US States and have collectively generated over $40 billion in tangible investments in the US. Together, they have created 425,000 jobs in US.”