U.S. President Barack Obama during his India visit on Nov 6,2010 announced deals totaling $10 billion in new contracts for U.S. exports to India, which are expected to create 54,000 jobs back home. The President used his first visit to India to herald the virtues of democracy and trade, telling business leaders that increased commerce was a “win-win” proposition that would create jobs in both countries. Obama also warned against protectionism.
“There is no reason why India cannot be our top trading partner. Trade with India is less than with the Netherlands, whose population and size is less than Mumbai. Of all the goods that India imports less than 10% comes from the U.S. Of all the goods America exports to the world less than 2% go to India,” Obama said. Mentioning that the economic relationship between India and the U.S. is still untapped, Obama noted, “India can be U.S.’s largest trade partner instead of 12th”.
Before his address on Saturday, Obama held roundtable discussions with Indian entrepreneurs and chief executive officers from both countries. Among the 300-odd U.S. CEOs flown in as part of a business delegation are Jeffrey Immelt, Chairman & CEO of General Electric Co., James McNerney, Chairman and CEO of Boeing Co., Indra Nooyi, Chairman & CEO of PepsiCo, Inc, Louis Chenevert, Chairman & CEO of United Technologies Group, David Cote, Chairman and CEO of Honeywell International Inc. and Terry MacGraw III, CEO of McGraw-Hill Companies Inc.
The Indian side included Ratan Tata, Chairman of Tata Group, Mukesh Ambani, Chairman of Reliance Industries Limited, Anil Ambani, Chairman of Anil Dhirubhai Ambani Group (ADAG_ and Anand Mahindra, Vice Chairman and MD of Mahindra & Mahindra, among others.
President Obama and Prime Minister Singh of the Republic of India hold a joint press conference in the East Room of the White House on November 24, 2009.
President Obama addresses the U.S.-India Business Council Summit and announces new proposals to help encourage trade between the U.S. and India. November 6, 2010.
Obama’s business delegation’s big star was Jeff Immelt who speaks to ET NOW on outsourcing, the General Electic tie ups, the infrastructure debate and more