For Immediate Release: November 23, 2009
Contact: Tim Truman (202) 482-3809
UNITED STATES AND INDIA AGREE TO
ENHANCED PROMOTION OF FOREIGN INVESTMENT
WASHINGTON – Foreign direct investment has been proven to positively contribute to economic growth. Today, the United States and India signed a memorandum of intent to collaborate on the promotion of investment in both countries.
The MOI, signed by Acting Under Secretary of Commerce for International Trade Michelle O’Neill and Indian Secretary of Department of Industrial Policy and Promotion Ajay Shankar, commits the U.S. and Indian governments to undertake relevant activities through their respective Invest in America and Invest India programs that are designed to strengthen bilateral investment ties, expand business cooperation between U.S. and Indian enterprises, and enhance economic growth opportunities.
“We’re very pleased that we are able to enter into this partnership with India during Prime Minister Singh’s visit,” O’Neill said. “Today’s agreement will enhance promotion of foreign direct investment that leads to increased exports of our manufactured goods and services, playing an integral role in getting Americans back to work.”
The MOI calls for both Invest in America and Invest India to be central points of contact for existing and potential foreign investors who seek opportunities for investment; to exchange information on investment promotion activities and services, to provide information about policies related to direct investment, to share data on bilateral investment flows, and to assist visiting investors from one country in contacting investment and industry experts in the other country.
U.S. subsidiaries of foreign firms employ more than five million workers in the United States, pay on average 25 percent higher wages and salaries than U.S. establishments (totaling over $350 billion in wages in 2006), and generate nearly 20 percent of all U.S. exports.
For additional information about foreign direct investment or the Invest in America program please visit
http://InvestAmerica.gov.
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