At a recent SelectUSA Investment Summit, US envoy to India, Eric Garcetti, highlighted the dynamic and evolving relationship between the United States and India, calling it not merely "additive" but "multiplicative."
Addressing attendees in Oxon Hill, he emphasized that this partnership extends beyond traditional collaboration, transforming into a robust synergy where both nations amplify each other’s strengths.
"The India-US relationship isn't just additive," Garcetti asserted. "It's the United States times India." His remarks underscored the unprecedented closeness between the two nations.
The thriving Indian-American community in the US, comprising about 1.5% of the population and contributing 6% to the country's taxes, exemplifies this deep connection.
Garcetti's comments came during the announcement of a significant investment by India’s JSW Steel, which plans to inject $140 million into a new facility in Baytown, Texas. This move represents a broader trend of Indian companies establishing a strong presence in the American market.
"We are excited about JSW Steel's investment in Baytown," he said. "JSW, a major Indian investor, has already put over $2 billion into the US economy, focusing on states like Texas and Ohio, and has seen tremendous returns."
This influx of foreign direct investment (FDI) is expected to generate over 800 jobs for American workers. Garcetti pointed out the reciprocal nature of the modern India-US economic relationship: "While American companies continue to invest in India, we now see a two-way street emerging. Indian investments are revitalizing industries and contributing to advancements in sectors such as clean energy and healthcare."
JSW Steel USA board member Divyakumar Bhair detailed how these investments will support the production of high-end steel plates for offshore wind projects, emphasizing their role in fostering clean energy solutions in the US. "This initiative will not only advance clean energy but also boost local economies in Texas," he remarked.
The Select USA Investment Summit, where these announcements were made, serves as a pivotal event for fostering international business investment in the US. Diane Farrell, the Deputy Under Secretary for International Trade, highlighted that India had sent the largest delegation to the summit, reflecting the growing interest and engagement of Indian companies in the US market.
Overall, Garcetti's statements and JSW Steel’s investment underscore the multiplying effect of the US-India partnership, benefiting both nations economically and strategically.