For Immediate Release: September 29, 2010
Contact: Mary Trupo (202) 482-3809
OBAMA ADMINISTRATION TRADE OFFICIAL WRAPS UP TRIP TO INDIA, HIGHLIGHTS PRESIDENT OBAMA'S NATIONAL EXPORT INITIATIVE
Under Secretary of Commerce for International Trade Francisco Sánchez points to India's rapid growth as an opportunity for U.S. exporters
NEW DELHI – Under Secretary of Commerce for International Trade Francisco Sánchez today concluded his first official trip to India. Sánchez delivered remarks at an American Chamber of Commerce luncheon in New Delhi where he discussed how increases in population and annual household incomes throughout India's growing metropolitan sectors make India a critical market for U.S. exports.
"India's growing population will continue to contribute to an urbanization that has led to gaps between current infrastructure capacity and actual needs. These disparities can be remedied by U.S. businesses," Sánchez said. "This growth allows U.S. companies to expand and support Americans jobs and support global stability."
During stops in Mumbai, Pune, and New Delhi, Sánchez highlighted the Department of Commerce's International Trade Administration (ITA) new Growth in Emerging Metropolitan Sectors (GEMS) initiative. GEMS is an integral part of ITA's strategy to support President Obama's National Export Initiative, that calls for doubling U.S. exports during the next five years and supporting millions of American jobs.
India's estimated growth in population – more than 68 cities projected to have more than one million citizens by 2030 – and urban area household incomes topping $4 trillion in 20 years make it a critical market for future U.S. exports. Sánchez emphasized that India is the initial GEMS target market during remarks at the inaugural GEMS Conference in Pune on Tuesday.
Sánchez reinforced the importance of increasing U.S. export and partnership opportunities with India at the forefront of events throughout the trip. In Mumbai, he focused on potential export growth in the U.S. and Indian film industry during a roundtable on current challenges facing these sectors.
In New Delhi, Sánchez met with India's Commerce Secretary Rahul Khullar for discussions related to the U.S.-India Commercial Dialogue, for which each serves as their country's chair. The Commercial Dialogue serves as a forum for U.S. and Indian companies to develop common interests and present their views to the two governments.
"President Obama's trip to India later this year will underscore the importance we attach to our bilateral commercial and trade relations with India," Sánchez said. "The U.S.-India Commercial Dialogue has provided greater collaboration as a means to increase trade and investment ties between our two countries."
International Trade Administration
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