Washington, June 18: The Indian industry has contributed USD 105 billion to the US economy and created as many as 3,00,000 jobs in America during the 2004-07 period, visiting Commerce Minister Anand Sharma said on Friday.
This reveals a story of commitment to optimise and to invest in the future of the relationship, Sharma said in his address to the Synergies Summit of the US India Business Council here.
Addressing the top US and Indian corporate leaders, Sharma underlined that the existing level of trade and economic engagement is not commensurate with the potential which existed in the wake of India's far-reaching economic liberalisation.
Citing the findings of a recent study 'Contribution of the Indian industry to the US economy' prepared for the India Brand Equity Foundation which he released at the Summit, Sharma mentioned that over 2004-07, Indian industry had contributed USD 105 billion to the US economy and created 3,00,000 jobs.
He also underlined that India and the US were partners in progress and could together shape the 21st century.
The Synergies Summit was also addressed by the US Secretary of State, Hillary Clinton, and Commerce Secretary Gary Locke.
Later, he also had a meeting at US Congress with the leadership of the Sub-Committee on Trade of the House Ways and Means Committee.
In his meeting with Chairman of the Sub-Committee on Trade Representative Sander Levin and Ranking Member Kevin Brady, the focus was on the Doha Round. The Minister shared with the congressmen some details of the steady growth in Indian investments in the US, according to a statement issued by the Indian Embassy.
Earlier in the day, Sharma met US Trade Representative Ron Kirk to hold discussions on a wide range of to strengthen bilateral trade relationship.
This was the second meeting between the two leaders. The two first met earlier this month at the 33rd Cairns Group Ministerial meeting in Bali, Indonesia.
"They committed to continuing high-level interactions on bilateral and multilateral issues -- such as the Doha round of world trade talks -- on multiple fronts, particularly the US-India Trade Policy Forum," USTR said in a statement after the meeting.
Bureau Report
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