For Immediate Release: November 20, 2006
Contact: Charlie Skuba/Matt Englehart (202) 482-3809
COMMERCE DEPARTMENT TO BRING 238 ON MISSION TO INDIA
Washington, D.C. – U.S. Under Secretary of Commerce for International Trade Frank Lavin announced today that the business development mission he will lead to India will include 238 business participants representing 186 U.S. companies. The mission, which begins at the India Business Summit in Mumbai on November 28, 2006, will be the largest mission of its kind ever led by the federal government.
“With U.S. export growth to India in excess of 24 percent in 2006 and sustained annual Indian economic growth of 8 percent, the time is ripe for American companies to look for business opportunities there,” said Lavin. “The goal of the mission is to position U.S. firms for long-term business success in this fast growing market so we can expand our exports and create more American jobs.”
Total U.S. exports to India in 2005 were $7.9 billion, an increase of 30 percent over 2004. Through September 2006, U.S. exports have grown 24.3 percent over the same period last year.
The mission stems from a commitment by President George W. Bush to elevate the Commercial Dialogue during his March 2006 visit to India. “India is now at a transformational time in its economic development and the economic reforms India has made in the last few years have seen an improved business and investment climate”, Lavin continued. “There is much more that can be done and I will use this mission to continue our Commercial Dialogue with India to knock down barriers to trade and investment.”
The trade mission represents a diverse range of industry sectors, with the greatest participation from medical/healthcare companies, information technology companies, energy/power/oil & gas companies, and telecommunications companies. There are participants from 35 U.S. states, the District of Columbia, and from outside the U.S. Within the U.S., California, Texas, the District of Columbia, Virginia, New Jersey, New York and Pennsylvania have the largest number of participants. Businesses of all sizes will be participating, but small firms comprise 68 percent of the mission.
India is one of the few countries in the world with which the United States shares sub-cabinet commercial dialogue. The United States also has sub-cabinet level commercial dialogues with Brazil, China, the EU, and NAFTA partners Canada and Mexico.
The International Trade Administration is responsible for developing U.S. trade policy, identifying and resolving market access issues, administering U.S. trade laws, enhancing the global competitiveness of the U.S. manufacturing and services sectors, and coordinating U.S. trade advocacy efforts on behalf of U.S. businesses. Further information on the International Trade Administration is available at http://www.trade.gov/