Thaindian News

New Delhi, Nov 4 (IANS) Corporate India is expecting US President Barack Obama’s India visit beginning this weekend would result in more opportunities for business in the American market and the world’s largest economy will remain accessible to exports from the country.

“The fact that President Obama’s first public appearance in India will be at a business summit reaffirms that bilateral economic relations lie at the centre of the US-India strategic partnership,” the Confederation of Indian Industry (CII) said in a statement.

It hoped Obama would assure that the US market would remain open to Indian exports and his administration would curb any protectionist tendencies.

“With India-US bilateral trade projected to reach record levels this year and top $50 billion, corporate India is looking forward to the upcoming visit of President Barack Obama to help realise the true potential of their economic ties,” said the industry lobby.

Obama is scheduled to address business leaders in Mumbai Saturday. The CII, Federation of Indian Chambers of Commerce and Industry (FICCI), and US-India Business Council (USIBC) are co-hosting the event.

The FICCI said it was keenly looking forward to significant relaxation in the export control regime of the US for dual use technologies.

“India is being denied 10 of the 16 nomenclatures, including chemicals and biological materials — technologies which fall under ‘non-proliferation’, ‘national security’, ‘missile technologies’ and ‘crime control’ of the US,” FICCI Secretary General Amit Mitra said, adding the chamber looked forward to some movement in this regard.

“The length of the visit of four days and disconnected with his future visit to Pakistan are two strong signals, defining the nature of Indo-US relationship in the 21st Century,” Mitra said.

Both CII and FICCI have organised a series of events coinciding with the Obama visit.

CII will be hosting a business conference “India-US: An Agenda for Co-Creation” here Nov 8, to be addressed by senior government officials and prominent business leaders from US and India.

“CII is hopeful that this interaction will result in concrete decisions and actions, including joint collaborative work in agriculture, energy, education and infrastructure. Enhanced high technology cooperation is also expected through bilateral agreements in aviation, space, defence and biotechnology.”

FICCI would host a strategic dialogue with leading US think tank Brookings Institution on Nov 2. The US delegation will be led by Strobe Talbott, former deputy secretary of state.

A major interaction is also planned with US delegates focussed on innovation, science and technology.