Indian-American South Carolina Governor Nikki Haley will lead a high-level delegation to India later this year, aimed at significantly increasing the American state's exports to the country.
Haley, the only second Indian-American Governor of an American State, would be making stops in New Delhi, Punjab, Mumbai and Chennai during her visit in November.
"This mission will be vital in continuing to build relationships with Indian companies and laying the groundwork for increasing our exports to the nation," South Carolina Commerce Secretary Bobby Hitt said in a statement.
During Haley's first term, South Carolina has emerged as one of the most favored destinations for Foreign Direct Investment (FDI).
IBM-Plant Location International's 2013 report recognized South Carolina, for the second year in a row, as the top per- capita recruiter of jobs tied to FDI in the US.
From 2011-2013, foreign-based companies contributed 36 per cent of new jobs and 60 per cent of investment recruited to South Carolina.
Companies based in Japan, Germany, France, China and Canada represented the top five contributors to foreign-direct investment in South Carolina from 2011-2013.
During the same period, India ranked 16th in capital investment, said the South Carolina Department of Commerce.
As a result, Haley and her team decided to target India to increase export and attract foreign direct investment by making a focused trip to India, which would last for 10 days in November.
Investment by US companies in India and vice versa has been on the rise. In 2012, US FDI in India was $ 28.4 billion, representing a 15.3 per cent increase from 2011.
This investment is led by professional, scientific, technical services, manufacturing finance/insurance, and the information sectors, according to statistics made available by the Office of the US Trade Representative.
At the same time, India FDI in the US was $ 5.2 billion, up 6.7 per cent from 2011. India's direct investment in the US is primarily concentrated in the professional, scientific, and technical services, and banking sectors.
By export value, India is South Carolina's 16th highest trade partner, according to US Department of Commerce, International Trade Administration.
Exports from South Carolina to India last year totaled $ 352 million, up from $ 110 million in 2005. This ranks South Carolina 14th in the US for total exports to India.
In general, exports to India represent a growing market. The US exports to India have more than doubled since 2006, from $ 9.6 billion to $ 21.8 billion.
Source:- economictimes.indiatimes.com
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