May 17, 2007

KOLKATA -- Indo-American Chamber of Commerce Eastern Region President Mr. S.K.  Jain, Mr. Dennis McCarthy, Managing Director, World Trade Center, Rhode Island, it is good to see you again after ten days.  I hope Mr. McCarthy and his colleagues had a fruitful tour of India.  We are, I am sure, all eager to hear about WTC’s experience in India.  So I will keep my remarks brief. 

The initiative of your two organizations to start the U.S.-India Business Matching Program could not have come at a more appropriate time.  Our countries are witnessing a growing partnership of economic, commercial and strategic interests.  And these shared interests are strengthening the strong bonds between India and the U.S. in other areas as well such as in education and culture. 

However, the commercial relationship is what appears to be driving much of our dialogue.  Recently, the leaders in our respective countries have pledged to double the U.S.-India trade in the next two years.  This means a jump from USD 32 billion (in 2006) to USD 64 billion by 2009.  Such a jump in U.S.-India business activity will require supporting institutions to expand and new ones to emerge. 

We at the Consulate seek to promote this commercial relationship between India and the United States and have conducted a number of initiatives such as expanding our Commercial Office, increasing our cooperation with local Chambers of Commerce and increasing the number of business delegations between our two countries. 

That is why I am so encouraged by the effort being undertaken by the Indo-American Chamber of Commerce and the WTC-Rhode Island with their U.S.-India Business Matching program.  This program will introduce companies in U.S. and India with common business interests and create new trade opportunities. 

The U.S.-India Business Matching Program is another successful instance of creating institutional linkages that will foster a growing commercial relationship between U.S. and India.  Ten days ago we witnessed the signing of the understanding between WTC-Rhode Island and Indo-American Chamber of Commerce and it is very impressive to see the results of their agreement coming so soon.  In addition, I understand that the cooperation between the two groups will extend to supporting the upcoming visit of Mr. Subodh Kant Sahay, Union Minister of State for Food Processing Industries, to the U.S. at the end of May.  I am confident that WTC-IACC will do an excellent job in helping this important visit. 

From its very founding over 300 years ago, Kolkata and the surrounding Eastern region, now inhabited by over 280 million people, was an important trade center.  This region’s rise to commercial importance was almost geographically ordained, given its trade links to Southeast Asia and to the West.  Efforts like this one today are an indication that just as in the past; this region is returning to commercial importance as new business opportunities are being explored.   

The signal from highest level of U.S. and Indian leadership is clear.  Our two countries will depend on each other much more in the future and we have to build institutions that will foster the process of a enhancing our trade ties.  The institutions and programs we establish will help to resolve some of the complicating issues like protecting intellectual property rights (IPR), reducing restrictions on investment, and implementing adequate legal reforms.  The IACC and WTC-Rhode Island have a critical role to play in helping to achieve greater mutual understanding in this development. 

I wish U.S.-India Business Matching Program initiated by WTC-Rhode Island and IACC the greatest success.

Thank you.