NEW DELHI, 30^th JANUARY, 2024 (GPN): Describing the Indo-US ties as a ‘multiplicative relationship’, His Excellency Mr. Eric Garcetti, the US Ambassador to India, said that the US wants more of its investments to flow into India.

Speaking at a conference on ‘Strengthening Indo-US Relationship in Amritkal-Aatmanirbhar Bharat’ organized by the Indo-American Chamber of Commerce (IACC), the Ambassador pitched for easier corporate tax practices and relaxations of other barriers for companies to invest in India.

“We also have to see that opaque corporate tax practices still are a barrier to too many companies that want to be here. And this is a great moment for all of you to recruit our companies. Every CEO is saying tell me about India. They want to invest,” he said.

Noting that he would want foreign direct investments to shift from China to India, he, however, added that the flow of FDI into India is not at par with its potential currently and several companies are looking more towards the Southeast Asian countries.

“We want the foreign direct investment from China to shift, but… FDI is not flowing into India at the pace it should be. Instead, it’s going to countries like Southeast Asia, countries like Vietnam. I would selfishly like to see more of that happening here but I need your help.”

He also expressed his vision for India to become a larger trade partner of the US and vied for changes in export policies for both the countries to achieve their desired goals.

“Export control and export policies have to change if India is going to achieve her goals and America is going to achieve her goals,” Mr. Garcetti said.

In a bid to further enhance and strengthen bilateral ties, he said that there is need for both the countries to get rid of the walls, be it bureaucratic, taxation related, regulatory or part of the federal system which would unleash more jobs, prosperity, investments and strength.

He was of the view that the bilateral ties between the largest and the oldest democracies in the world is not additive or not just complementary to each other, rather it is multiplicative and would help both the countries to witness multifold growth across segments.

He also said that the US has issued 60% more visas to Indians, and within a shorter span of time, about 70% lesser time than before. He further said that the US is trying to lower bring down the time required for issuance of visas to Indians.

Mentioning the growth in employment amid strengthening Indo-US ties, he said that American companies have created 3 million jobs in India.

Applauding India’s manufacturing prowess, Mr. Garcetti also said that as India did with the iPhone, India would soon do the same with the Tesla.

Addressing the inaugural session of the programme organized by the North India Council of IACC, Mr. Pankaj Bohra, National President, IACC said the Indo-US ties are of paramount importance in India’s journey towards self-reliance.

“India and the US can navigate challenges of 21^st century. Today Indo-US relationship is stronger than ever. This is the most opportune time and we must seize this time. Indo US relationship is the threshold to enter the new orbit,” said Dr. Lalit Bhasin, Immediate Past National President IACC adding that both the countries are expanding their areas of cooperation.

Mr. Abhishek Prakash, Secretary, Industrial Development, CEO, Invest UP; Mr. Arun Karna Regional President, IACC – NIC & Managing Director & CEO AT & T Global Network Services India Pvt Ltd; Dr. Upasana Arora Immediate Past Regional President, IACC & Managing Director, Yashoda Super Specialty Hospitals; Dr. Lalit Bhasin Conference Chair & Immediate Past National President IACC also addressed the inaugural session.

The daylong conference also has sessions on Invest UP and legal services.