67 Indian companies to participate in US investment summit

A total of 67 Indian companies would be participating in the 2018 SelectUSA Investment Summit next month to look for opportunities to invest or expand their business in the US, a senior US diplomat said here on Friday.

Terming economic ties as a driving force to enhance the Indo-US bilateral relationship, US Consul General in Kolkata Craig Hall told reporters that the number of investors taking part in the fourth edition of the summit this year is seven more than the previous year.

"The India-US bilateral relationship is growing at a quick pace and economic ties are a driving force in bringing the two countries together. This year 67 investors from the country would be joining the Indian delegation to take part in the investment summit," the envoy said.

The US Consulate General Principal Commercial Officer, Jonathan Ward, said three-four companies from eastern India including the Techno-India-JIS group, RAD 365 and SREI have confirmed participation in this year's summit.

Claiming economic growth in the US as the most consistent in the world, Ward said benefits of high-end technology, comprehensive workforce and research and development facilities, protection of intellectual property rights, ample natural resources and capital in the US makes it the top foreign investment destination in the world.

Talking about the prohibition on foreign universities building campuses in India, Ward said the Indian students are at a disadvantage at not having foreign competition in the educational sector.

"Many US varsities want to invest in India but they are not allowed to do so under the present norms. We hope this situation would change in the near future," he added.