Speeches & Articles

Remarks of U.S. Consul General Henry V. Jardine
At the Inauguration of the
Calcutta Chapter of the American Chamber of Commerce

March, 28 2006

CALCUTTA -- West Bengal Commerce and Industries Secretary Dr. Sabyasachi Sen,  American Chamber of Commerce Executive Director Mr. Ramesh Bajpai, Calcutta AMCHAM Chapter Representative and Managing Director of Quaker Chemicals India Mr. G.K. Sachdev,  Distinguished Guests, Ladies and Gentlemen,

I am very happy and excited to participate in the inauguration of a new Chapter of the American Chamber of Commerce (AMCHAM) here in Calcutta to cover the East India region.  Coming just after President Bush’s visit, today’s event is one more example of the growing economic relationship between India and the United States.   The United States is India’s largest trading and direct investment partner.  The members of this new chapter represent important U.S. companies doing business in Calcutta and their presence here is also a reflection of the growing economic opportunities in this region.   The chapter is starting with a core group of 12 companies, but I expect that we will see rapid growth in the near future as the U.S. corporate presence increases. 

I also anticipate the AMCHAM chapter will play an important role in  Calcutta’s economic and social community.  The organization will help to create linkages to the worldwide AMCHAM organization, serving to attract broader interest in East India.  The organization will also act as an advocate for U.S. business interests and help to lobby for greater economic reforms and initiatives by both the United States Government and the Government of India.  The companies represented here today reflect investments across a spectrum of industries from Information Technology, Biotechnology, to Manufacturing and Financial Services.  They come from Fortune 500 companies and provide employment to thousands of people.   I do not have time to describe in detail the great work of all the new chapter members but I will offer some information on a few companies to give you an idea of their contribution to this region:

QUAKER CHEMICALS: Quaker is a $400 million dollar company based in Conshohocken, Pennsylvania. The company is publicly traded on the New York Stock Exchange, and has a long track record of financial consistency and strength. Today, Quaker has business and production presence in every major manufacturing country in the world. It has had a revenue growth of nearly 10% over the last five years and its products are standards in many industries like aerospace, aluminum, automotive, bearings, construction, hydraulics and primary metals.

IXIA: Ixia is a leading provider of performance test systems for IP-based infrastructure and services. In the year 2005, it had a billing of nearly $160 million. Ixia's test systems are used by network and telephony equipment manufacturers, semiconductor manufacturers, service providers, governments, and enterprises to validate the functionality and reliability of complex IP networks, devices, and applications.  During the last quarter, IXIA has added over 60 new customers and had strong results in key international markets, notably Europe, China and India.

DATABAZAAR INDIA:  Is part of Databazaar.com, a $53 million plus technology distribution and services company.  It is one of America's fastest growing companies in the field of technology products distribution and IT enabled services.  Consumer Reports publisher, Consumer Union, has recognized the commitment to customer service, trust, quality and satisfaction delivered by Databazaar.com to its customers, by placing it in the top 75 praise worthy companies in the United States.

SKYTECH SOLUTIONS: The Chatterjee Group tied up with the world’s largest airline, United Airlines to set up SkyTech Solutions in Kolkata.   SkyTech’s Kolkata development centre is the 5th IT Centre of United Airlines, after Chicago, Los Angles, Denver and San Francisco and it is their only center outside the US. The Company has made an investment of Rs 200 million in its Kolkata Development Centre. The company currently employs around 150 persons and export turnover in the year 2002-03 was Rs 12.58 crores.

Other members include such well known companies as American Express Bank, PricewaterhouseCoopers, Ernst & Young,  Labvantage Solutions,  P & H MinePro Services, Ondeo Nalco India Limited, The Chatterjee Group and Netguru.

Through these companies’ collective investment, the people of this region have greater employment opportunities, a chance at a higher standard of living and a better future.

U.S. companies are coming to West Bengal and East India as this region is presently experiencing significant economic growth.   West Bengal has the third fastest growing state economy in the country and states such as Jharkhand and Orissa are seeing great potential in developing manufacturing and mineral resources as well.   West Bengal in particular has been the recipient of significant levels of investment.  Between 1991 and 2004, West Bengal received investments of $ 6 billion according to some estimates, with the main industries being chemicals and petrochemicals at $ 2.2 billion and iron & steel at $1.9 billion, while it received FDI approvals to the tune of $ 2 billion.   The state governments should be commended for their efforts to achieve greater economic development.

However, if such growth has been unleashed by the economic reforms implemented so far, it is only reasonable that more reform and liberalization would allow for even more rapid growth.  Prime Minister Singh has said that his goal is for India to achieve a 10 percent growth rate in the next fiscal year.  To make that a reality, more reforms will be required, such as opening up retail for investment and raising of equity caps in areas such as in insurance, banking and financial sector, and in infrastructure.

During the recent visit of President Bush to India, President Bush and Prime Minister Manmohan Singh agreed to intensify efforts to develop a bilateral business climate supportive of trade and investment by welcoming the report of the U.S.-India CEO Forum aimed at substantially broadening bilateral economic relations, and endorsing the efforts of the U.S.-India Trade Policy Forum to reduce barriers to trade and investment.

Only through bold measures such as these can significant economic growth be achieved.  And today we are seeing the results of the bold action of the AMCHAM members who have come to this region, made a great investment in its future, and now come together to make a commitment to further change.  I wish them the best of luck in their project to start a new economic chapter, in every sense of the word, in West Bengal and East India.  We are fortunate to have such visionary corporate leadership and hope that through their efforts East India will prosper.

Thank you.