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India-US trade set to double in five years

The Hindu Business Line:  November, 2010

Hyderabad: Mr Suresh Kumar, Assistant Secretary and Director-General of US and Foreign Commercial Service, who is leading a US business delegation to India, on Monday said Indo-US trade is set to double from the present level within the next five years.

At present, Indo-US trade is worth $37 billion, including $16 billion worth exports from US to India, he told newspersons here. Doubling of trade will create two million fresh jobs in the US.

In the first seven months of this year, US exports to India touched $11 billion, up by 20 per cent, while Indian exports to the US crossed $17 billion, up 40 per cent.

Mr Kumar said US companies were looking at engaging with India in fields such as power (including nuclear power and renewable energy), bio-tech, healthcare (including devices), education, aviation and infrastructure.

The US delegation met with top corporates, including Reliance Industries, L&T, the Tata Group and Birla Group in the last few days.

Q-Mart, a Hyderabad-based retail firm, is set to introduce Curves for Women, a US franchise that specialises in women-only fitness centres, with the first centre likely to be opened in Hyderabad in January 2011.

Advanced Mining Technologies (AMT), a marketing partner for Kentucky-based ICG Addcar Highwall Mining System, will be selling highwall system to a government-owned mining entity in Andhra Pradesh in a deal valued at over $20 million.

Mr Kumar pointed out that the US President, Mr Barack Obama's National Export Initiative aims at doubling US exports over five years.