Tri-State business leaders attend IAICC’s North-East Regional chapter meeting in New York City

- ADVERTISEMENT -

Over 100 Indian American business executives from the New York tri-state region attended the North-East Regional Chapter meeting of the Indian American International Chamber of Commerce (IAICC) on April 25, 2024, in New York City.

IAICC’s Executive Chairman & CEO, Appen Menon noted he was pleased to witness the turnout and caliber of attendees. According to Menon, IAICC has played a crucial role, for over three decades, in furthering policies aimed at enhancing collaboration between the United States and India in trade while aiding small business organizations and nurturing innovation initiatives.

“India’s GDP is predicted to hit a five trillion-dollar mark within the next two years. India will become a major destination for multinational companies to manufacture their products. With a growing highly talented young population, India will attract manufacturers and service providers,” Menon added. “I am confident that US-India relationship will strengthen manyfold in the coming years. In the last century, India’s destiny was controlled by the circumstances, but going forward, India will control the circumstances. Let us play a key role in the growth and success of the economy of both the United States and India.”

IAICC member Ashish Sanwal, commended Padma Shri recipient Dr. Sudhir Parikh, chairman of Parikh Worldwide Media and ITV Gold, who is also an Executive Board member of IAICC, for his “unwavering dedication to advocating for India and fostering strong ties between India and the US.”

Lauding the work of IAICC, Dr. Parikh said, “I think this is a great platform. I have been associated with this Chamber for many years, and I can assure you that there is a lot to gain collectively as well as personally.”

Deputy Commissioner for Trade, Investment, and Innovation, New York City Mayor’s office for International Affairs, Dilip Chauhan provided insights into New York City’s role in propelling economic success through innovation.

Chauhan said, “We play a pivotal role in providing a global platform for the City to champion its vision for a more equitable and inclusive society. We actively foster partnerships with the international community,” while noting that the City works closely with 193 permanent missions, 112 consulates, and 70 trade missions.

Referring to Mayor Eric Adams, Chauhan said, “Mayor Adams is incredibly pro-business and has taken many steps to reduce red tape and other obstacles facing the business community, making it much easier for businesses to expand or establish in New York City.”

Shankar Rachakonda, chairman of IAICC, USA division provided an overview of IAICC and spoke about key programs and recent activities. Rachakonda emphasized that IAICC’s mission is to provide an affordable platform for entrepreneurs and professionals of various backgrounds. The goal is to provide adequate representation with a strong focus on collaboration so that there is a healthy interaction that could help foster strong economic partnerships between India and the US.

Rachakonda said IAICC is increasingly focused on working with Congressional leadership to ensure funding for small businesses.

Arpita Srivastava, executive director and practice lead, Global Capacity Center (GCC), Cushman & Wakefield, and an IAICC member, in her presentation noted GCC or offshore innovation and R&D hubs are one of the most prominent cross border opportunities between US and India.

“GCCs are expected to employ 4.5 million people in India by the end of this decade making it a $110 billion opportunity. American companies have a 67 per cent share currently. We expect nearly 200 new American companies turning to India in 2024-25 to set up a GCC,” Srivastava added.

Vice Chairman and Secretary of IAICC, Glenn Falcao, in his virtual address welcomed the gathering to the chapter meeting and urged them to join IAICC.