At the recent SelectUSA Investment Summit, US Ambassador to India Eric Garcetti highlighted the significant impact of Indian investments in the United States, revealing that Indian companies secured $3.4 billion in deals over the past year. This development underscores India's growing influence in the US economy.

Speaking at the US-India Business Council (USIBC) event titled 'Promise and Prosperity of the US-India Relationship', Garcetti remarked on the reciprocal nature of investments between the two nations. “American investments create jobs for Indians—it is one of the most positive things in India today—but Indian investments are creating jobs for Americans as well”, he stated, emphasizing the mutual benefits of this economic partnership.

Garcetti noted that the SelectUSA Investment Summit has become a pivotal platform for economic integration, with India sending the largest delegation of any country for two consecutive years. “In June, we had the most delegates from any country in the world at our annual SelectUSA conference, led by my dear friend Secretary of Commerce Gina Raimondo,” he said. The Indian delegation not only set a record for attendance but also accounted for the highest dollar amount in deals, totaling $3.4 billion.

These investments span various sectors, including steel production in Texas, electrolyzers in North Carolina, and biotech services in New Jersey. Garcetti mentioned that these initiatives contribute to a diverse range of industries, from agriculture and food products to cutting-edge technologies like artificial intelligence and quantum computing.

The SelectUSA Investment Summit is recognized as the premier event in the US for facilitating business investments, connecting thousands of investors, companies, economic development organizations, and industry experts to foster deal-making.

Garcetti also addressed the need for fair trade practices, advocating for lower tariffs and increased trade between the US and India. “We need, together, to lower tariffs, not to see them go up. We need to increase trade and ensure it is fair and equal”, he urged, highlighting the importance of aligning training and talent with the needs of businesses on both sides of the Indo-Pacific.

Additionally, he pointed out the successful resolution of trade disputes between the two nations, stating, “From food and beverage to solar energy, the United States and India have overcome trade barriers”. He credited Minister Goyal for facilitating discussions that resolved seven outstanding trade disputes, enabling Indian metals and agricultural products to enter the US market more freely.

Garcetti emphasized the positive outcomes of these resolutions, noting that agricultural purchases from India have significantly increased as a result. “Tens of millions, if not more than a hundred million, of increased agricultural purchases came as a result of that”, he said, adding that nearly 70 market access, trade, and investment issues for US companies in India have also been addressed.

As the US and India continue to strengthen their economic ties, Garcetti's remarks highlight the importance of collaboration and the potential for job creation and innovation on both sides of the relationship.