India seeks US investment to form manufacturing hubPublished on Fri, Mar 19, 2010 at 07:37 | Source : Reuters Updated at Fri, Mar 19, 2010 at 07:43 Like this story, share it with millions of investors on M3
US exports to India have grown rapidly in recent years and remained relatively strong last year, even as the global economic crisis took a toll on world trade. The United States exported about USD 16.5 billion worth of goods to India in 2009, down about 7% from 2008, compared with a 15% drop in total exports. US imports from India plunged 17.5% last year to about USD 21.2 billion, but that was less than the 23.3% overall drop in imports last year. Still, the USD 37.7 billion in trade between the United States and India last year was roughly 1/10th of the trade between the United States and China. Also, U.S. business investment in India totalled only about USD 13.6 billion through 2007, compared with USD 28.3 billion in China and USD 101.6 billion in Japan. India is creating national investment and manufacturing zones to attract more foreign interest, he said. The first will be in Rajasthan, alongside the Delhi-Mumbai industrial corridor, he said. "We want these manufacturing zones to be incubators of new innovations and new technologies," Sharma said.
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