US-based advanced technology companies to invest in India

November 14th, 2007 - 10:31 pm ICT by admin  

By K G Vasuki
Bangalore, Nov.14 (ANI): A delegation of senior executives from Montgomery County-based advanced technology firms visited Bangalore on Wednesday, on a business mission to explore opportunities for joint ventures and partnerships with dynamic India-based advanced technology companies.
Pradeep Ganguly, Director of Department of Economic Development, who is leading the delegation of 20 members, said that the main objective of the delegation was to inform Indian companies involved with biotech and information technology about the vast opportunities in Montgomery County and help them establish their contacts in North America.
“The main mission behind our coming here is that India is going places. India is one of the most powerful nations of the world now. It is one of the largest economies, probably one of the (few) largest economies in the world,” Ganguly said, adding that they were also planning to collaborate with some of the Indian companies.
“There are companies based in India that are now looking to conquer the world. We are here to reach them,” he added.
Farook Sait, Attorney at Law, said that India with its rich human resource could avail the great opportunities in Montgomery.
“The growth of IT sector and biotech sector in India exceeds among other nations outside the western world, and so it is natural for us to come over here and do business and to encourage people come over there,” Sait added.
The US is India’s largest trading partner and the bilateral trade in 2006 was 32 billion dollars.
The principal US exports to India include diagnostic or lab reagents, aircraft and parts, advanced machinery, cotton, fertilizers, ferrous waste or scrap metal, and computer hardware.
Sol Graham, CEO of Quality Biological Inc, said that he is visiting India for the first time to learn more about the Indian biotechnology firms and to interact with representatives of some of leading biotech firms like Biocon.
India exports textiles, ready-made garments, Internet-enabled services, agricultural and related products, gems and jewellery, leather products, and chemicals to the US.
However, with the rapidly growing Indian software sector is boosting service exports with business process outsourcing (BPO) revenues touching nine billion dollars in 2006-2007.
The US is India’s largest investment partner, with a 13 per cent share and the direct investment from the US is estimated at more than 9 billion dollars 2006.
Heinan Landa, President of Optical Networks, said that he was in the `Garden City’ to strengthen is relationship with his company’s partner, Zenith Communication in Mumbai, and planned to have more such collaborations with Indian companies.
Montgomery is the capital and second most populous city of the US state of Alabama. (ANI)

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