Will lead infrastructure focused mission to India: US Comm Secretary
The US Commerce Secretary, John Bryson, has said that he would lead an infrastructure focused trade mission to India next month.
"I will personally be leading an infrastructure-focused mission to India next month," Bryson said yesterday in his remarks at the State Department Global Business Conference here.
Bryson would be traveling to New Delhi, Jaipur and Mumbai, during which the US mission would seem a greater American pie to the estimated USD 1 trillion investment that Indian is seeking in the infrastructure sector.
In his remarks, Bryson said that the US is fundamentally different from every other advanced economy.
"We're startup people. We break the norms. We're innovators. We're willing to take chances on new ideas," he said.
"This is by far our most important economic asset. It's what sets us apart. And I believe that it will continue to be our key differentiating factor in the 21st century.
"The question today is this: How do we put the full force of the American government behind businesses such as those here today -- even as the global economy becomes more competitive?" he asked.
Bryson said the US needs to build on the momentum in manufacturing sector. "Manufacturing is critical to the US economy. By itself, the US manufacturing sector would be the 10th largest economy in the world," he said.
The Commerce Secretary said 95 per cent of the world's consumers live outside the US. But only 1 per cent of US businesses export -- and most of those only export to one country.
"We need to change that. The IMF forecasts that more than 85 per cent of economic growth through 2015 is taking place outside the US," he said.
"The good news is this: We have had two consecutive years of double-digit growth in US exports -- putting us on track to achieve the President's goal of doubling exports by 2015. The impact of the National Export Initiative so far has been powerful," he said.
Post new comment