Thaindian News

New Delhi, May 10 (IANS) Trade between India and the US is expected to grow to $100 billion within two to three years while Indian companies are strengthening their presence in the US across various sectors, a senior Indo-American Chamber of Commerce (IACC) official said Tuesday.

“I expect the trade between both the sides to reach around $100 billion within two-three years time,” IACC president Gautam Mahajan told IANS, adding that the trade volumes would increase due to the growth of several sectors like food processing, education and infrastructure.

According to Mahajan, corporate India, which is strengthening its presence in the US, is also expected to invest around $10 billion in the next five years to start greenfield projects in sectors such as manufacturing and services.

“Apart from trade, the other rising sector in the bilateral business is that of Indian investments going to the US, which could be around $8 billion to $10 billion in the next five years. This is a new trend altogether because earlier Indian corporates used to buy established companies and now they are going for greenfield projects,” he added.

Mahajan was also upbeat about the IACC’s upcoming chapter in New York, set to be inaugurated on May 25.

“This new chapter will add impetus to business and trade between both sides,” he said.

The start of the new chapter will be followed by a seminar which would focus on emerging sectors like education, infrastructure and small and medium enterprises (SME).

“Around 75 representatives of various companies across sectors would participate in the Summit for US-India Trade and Economics (SUITE) 2011 from the Indian side,” he said.

IACC was established in 1968 and currently has 11 chapters across India with 2,600 Indian and American companies as members.