Remarks of Consul General Beth A. Payne to the Indo-American Chamber of Commerce Orissa Chapter Bhubaneswar

September 11, 2008

Mr Devesh Sinha,
Members of the Indo-American Chamber of Commerce,
My New Friends in Orissa,
“Namoshkar”

Thank you for hosting this event and inviting me to speak to you this evening.   I am delighted to be here with you.   I am excited to be in Eastern India at a time when ties between the United States and India have never been stronger.  The Indo-American Chamber has helped strengthen the economic partnership between the United States and India, and I would like to thank you for being such a good friend of the United States and a strong supporter for Indian business.

In the one month that I have been in East India, I have seen a strong desire for economic growth and industrialization.  I have also seen the equally strong desire to ensure that economic growth is inclusive and that it is accomplished in a way that preserves the environment and retains the special heart and soul that makes this part of India unique.

Over the past 15 years, India has emerged as a strong and confident player in the global economy, an important trading partner, a major consumer of global commodities, goods, and services, and an attractive destination for global investment capital.  India's deeper engagement with the global economy has helped propel its growth to over 8 percent per year, helping to raise people out of poverty and bringing more into India's middle class.   India's private sector is an important engine for this economic growth and expanded employment.

The mineral-rich state of Orissa has attracted major investment projects from multinationals and domestic players, especially in the mining, steel, aluminum and power sectors.  As these projects are translated into reality, and as the benefits accrue to the people of this state, Orissa will travel rapidly up the economic growth curve.

Besides the ‘old economy’ sectors, I am happy to see a flourishing  IT industry in Orissa, which not only boasts the big names of the Indian IT industry but also successful entrepreneurial ventures that started out in the state and now have global aspirations.  IACC Bhubaneswar has many such entrepreneurs within its fold.

While economic growth and industrialization has it challenges, I am also impressed with India’s commitment to actively confront these challenges and develop the best solutions for all of its citizens.  Rather than shrink from the downsides of industrialization and globalization, Americans and Indians increasingly view the globalizing economy as an opportunity that enables and rewards entrepreneurship and innovation.

The private sector can help provide the creativity and innovation necessary to take advantage of economic opportunities while finding creative ways of mitigating the challenges.  By identifying and adapting to the challenges that are inevitable with industrialization and globalization, both the United States and India will continue to prosper.

Thank you once again for a warm welcome to Bhubaneswar and to Orissa and I look forward to working with all of you over the coming year to promote and strengthen the US-India partnership and to support new American businesses and Indo-US joint ventures in this region.