Eric Garcetti
US envoy to India Eric Garcetti called the US-India relationship at an all-time high, calling it multiplicative as well as addictive.
Garcetti made the statements on Monday during an event held on the sidelines of the SelectUSA Investment Summit, which has the largest delegation from India.
At the conference in Washington’s suburbs, Garcetti remarked, “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 stressed that the relationship between India and the United States has never been stronger.
“We have never had a stronger relationship with India. Americans of Indian heritage today account for approximately 1.5 percent of our population. And pay 6 percent of the taxes in America. It is the most successful immigrant community in America”, Garcetti declared.
Garcetti spoke at an event where India’s JSW Steel announced plans to spend USD 140 million in Baytown, Texas.
“Now, Americans are becoming more familiar with Indian brands and Indian companies… Together, we’re investing in third countries, infrastructure, energy, climate solutions, and empowering tomorrow’s prosperity”, Garcetti said, announcing JW Steel’s investment.
Garcetti went on to say, “We are so excited that JSW Steel is announcing a USD 140 million investment in America, in Baytown, Texas. JSW is one of the largest Indian investors in the United States, investing more than USD 2 billion here in this country, in Texas and Ohio. They have seen tremendous return on their investment”.
“This FDI (Foreign Direct Investment) would result in jobs for more than 800 American workers”, Garcetti continued.
“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, savings 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 explained.
Divya kumar Bhair, the Board Member of JSW Steel USA, stated that these investments would be used to manufacture high-end steel plates for offshore wind, monopiles, transition pieces, and towers.
“This will not only help realize the dream of clean energy for generations to come in the United States but will also catalyze the local economies of Texas”, Bhair added.
JSW USA is a subsidiary of the diversified USD 24 billion JSW Group.
According to Diane Farrell, Deputy Under Secretary for International Trade at the Department of Commerce, India has the largest delegation attending the SelectUSA Investment Summit.
The SelectUSA Investment Summit is the most high-profile event in the United States for facilitating business investment by bringing together thousands of investors, firms, economic development organizations (EDOs), and industry professionals to close agreements.
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