The relationship between India and the US is not just "additive", it is "multiplicative", US envoy to India Eric Garcetti has said.
Garcetti also noted that the relationship between the two countries has never been so good. He emphasised that the Indian-American community is the most successful immigrant community in America.
Garcetti made these remarks on Monday at an event on the sidelines of the SelectUSA Investment Summit, where the largest delegation is from India.
“This (India US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India,” Garcetti said at the summit.
The SelectUSA Investment Summit is a key event in the US that facilitates business investment by connecting thousands of investors, companies, economic development organizations (EDOs), and industry experts.
During the event, India's JSW Steel announced plans to invest £110.24 million in Baytown, Texas. Garcetti highlighted the growing familiarity of Americans with Indian brands and companies, noting that together they are investing in third countries, infrastructure, energy, climate solutions, and future prosperity.
“We are so excited that JSW Steel is announcing a £110.24 million investment in America, in Baytown, in Texas. JSW is one of the largest Indian investors in the United States, investing more than £1.57 billion here in this country, in Texas and in Ohio. They have seen tremendous return on their investment,” Garcetti said.
This foreign direct investment would result in jobs for more than 800 American workers. Garcetti reiterated that the relationship between India and the US has never been closer, noting that Americans of Indian descent make up about 1.5 per cent of the US population and pay 6 per cent of the taxes in America.
“While the story used to be about American companies going to India to invest, which we still do,... increasingly we're seeing this two-way street, a bridge in the Indo-Pacific coming from India into the United States, saving steel mills, looking at mines that have been shut down, investing in electrolytes for electric vehicles of the future, the services, the health care,” Garcetti said.
Diane Farrell, Deputy Under Secretary for International Trade from the Department of Commerce, noted that India has the largest country delegation at the SelectUSA Investment Summit.
Divyakumar Bhair, board member of JSW Steel USA, stated that these investments would go into manufacturing high-end steel plates used for offshore wind, monopile, transition pieces, and towers. “This will not only help realize the dream of clean energy for the generations to come in the United States but will also catalyse the local economies of Texas,” he said.
JSW USA is part of the diversified £18.90 billion JSW Group.
(With PTI inputs)
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