Cincinnati woos Indian investment in hi-tech sector

October 24th, 2008 - 11:09 pm ICT by IANS  

Bangalore, Oct 24 (IANS) A seven-member business delegation from Cincinnati is in India to promote the US city as a preferred investment destination in the hi-tech sector spanning information technology (IT), biotechnology, life sciences, pharma, automobiles and FMCG.“We are encouraged to hard-sell Cincinnati as an investment destination to Indian firms in hi-tech areas after IT bellwether TCS (Tata Consultancy Services) set up operations in our city, with an investment of $20 million,” Cincinnati’s vice-president for economic development Dough Moorman told reporters here Friday.

With Indian investment in the US going up to $2 billion annually, the delegation is showcasing Cincinnati to India Inc., through merchant chambers, industry associations and federations such as the Confederation of Indian Industry (CII).

“We have demonstrated our city’s USP (unique selling proposition) to leading Indian firms and industry chambers for investing and benefiting from a slew of sops and attractive schemes,” Moorman said on the second leg of the chamber’s visit.

The USP is a skilled talent pool, a strong manufacturing base, excellent transport and logistics infrastructure and proximity to half the US population being situated in mid-west.

About 30,000 Indians either study or work and live in Cincinnati.

“We have helped about 400 overseas firms, including multinationals set up base in our city over the last two-three decades, as investing in Cincinnati helps lower the risk associated with entering the US markets,” the city’s economic development senior director Neil Hensley said.

According to prominent Indian community leader (in Cincinnati) Mahendra Vora, the mid-west city has become an IT investment hub and is poised to emerge as the next ‘Ahmedabad or Pune of the USA’, with the IT industry recording a growth rate of eight percent year-on-year.

The delegation has already visited Mumbai and is due to visit New Delhi next week.

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