For Immediate Release: November 9, 2011
Contact: Lorri Crowley (202) 482-3809
U.S. COmpanies Connect With Export Opportunities in India
Under Secretary of Commerce Francisco Sánchez wraps up India trade mission
HYDERABAD, India – Commerce Under Secretary for International Trade, Francisco Sánchez wrapped up a clean technologies trade mission to India today by addressing the 2nd annual Growth in Emerging Market Sectors (GEMS) Conference, hosted by the Confederation of Indian Industries (CII) in Hyderabad.
“India's major metropolitan centers are currently driving the economic growth of the country, but the second and third tier cities will be the force behind India's growth in the years to come,” said Sanchez. “We need to ensure that American companies are poised to be a part of this growth.”
In the coming years, rapid growth in developing economies will drive demand for infrastructure development and consumer goods. GEMS, an initiative Sánchez unveiled earlier in the year, is designed to help U.S. companies, especially smaller firms, take advantage of those expanding markets. The GEMS initiative embraces the notion that export-driven growth will result from small and medium-sized enterprises working with their counterparts in smaller, fast-growing cities in emerging markets. Ultimately, such growth will support President Obama’s National Export Initiative and create jobs in the United States and generate sustainable, long-term growth in the global economy.
While in Hyderabad, Sánchez delivered the keynote address at SOLARCON India 2011, India’s largest solar energy focused event. The show is certified by the U.S. Department of Commerce, and features an exclusive U.S. Pavilion with 14 leading U.S. companies participating. SOLARCON India 2011 is the premier event for the solar industry in India. Industry leaders look to the show to source the products, technologies and solutions they need to significantly increase India’s solar power portfolio.
“I want to commend the Indian Government for its commitment to shaping a cleaner and more prosperous future for its people,” Sánchez said. “The United States supports your clean energy goals and we want to help you achieve them by working with you every step of the way, throughout the whole supply chain.”India’s renewable energy market is estimated to hit $17 billion this year and is growing at an annual rate of 15 percent. Additionally, the environmental technologies market is estimated at approximately $9 billion per year, with an annual growth rate of 15 percent. Energy efficiency products and services are projected to be approximately a $27 billion market in 2018.
International Trade Administration