Krishna assures level playing field to US companies

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US Secretary of State Hillary Clinton on Wednesday pushed the need to advance negotiations on bilateral investment treaty, as her Indian counterpart S.M. Krishna assured Americans that India would provide a level playing field and total transparency to those interested in investing in the country.

"We have assured everyone who would be interested in making investments in India that there is going to be a level playing field and there will be total transparency. And with these two parameters being ensured, I'm sure that a number of companies from outside India would be willing to participate in this great developmental journey that India is setting on," Krishna told reporters at a joint news conference at the conclusion of the third India-US Strategic Dialogue between the two countries.

Responding to questions, Krishna said he is conscious of the fact that there is a degree of skepticism regarding the prevailing sentiment of business and economic content of India-US relationship.

"I have listed some of our pressing concerns in my speech yesterday. I have also been sensitized to the concerns articulated by US business," he said.

"In times of vulnerability and uncertainty for the global economy, expression of such views are not unusual. However, the Indian economy will restore investors' confidence and regain the growth momentum," the minister said.

Having great confidence in the future of India-US economic partnership, Krishna said their ties of trade, investment and innovation are growing in both directions.

"Our defense and high-technology trade is ever- expanding. Indian plans to invest more than a trillion dollars on infrastructure development in the coming five years will provide enormous business opportunities which the US companies can consider exploiting. Openness and growth in the US economy will also support stronger economic ties," he said.

Clinton said on the economic front, the two countries reviewed the progress that they have made together and acknowledged that there is still more room for growth, investment and business ties.

"We need to advance negotiations on a bilateral investment treaty, further reduce barriers to trade and investment in our two countries, create more hospitable environments for companies to do business," Clinton said.

"We also covered a number of serious concerns, such as counter terrorism, cyber security and sustainable development."