A virtual meeting to explore opportunities for trade between India and Minnesota was held recently, organized jointly by the Minnesota Trade Office in collaboration with the US Department of Commerce and the Consulate General of India in Chicago.
Entitled “India and Minnesota: Trade and Business Opportunities” the meeting was addressed by among others, the Consul General of Indian in Chicago Amit Kumar who provided a brief overview of India-US relations and outlined the priorities.
Total bilateral trade in between India and Minnesota in 2020 was approximately $755 million.
Kumar briefed those present about trade, investment, economic and commercial links, as well as the measures taken by the Government of India to manage the Covid-19 situation implement further structural reforms in India, a press release from the Indian Consulate said.
He also dwelt on the recently released Indian federal budget including new avenues for investment particularly in the insurance sector, focus on increasing capital expenditure and on infrastructure creation.
He touched on potential production in 13 sectors of the Indian economy including electric vehicles, renewable energy, electronics, medical devices and healthcare cooperation, food processing, clean water technologies etc., sectors where Minnesota enjoys particular strength and which had an estimated value totaling $ 27 billion.
India is poised for economic growth Kumar said, underpinned by deeper structural reforms, simplifying business environment, reducing regulations, infrastructure creation, etc.
He pointed out that India has jumped up 79 places from 142 rank to 63 rank over the past five years in the World Bank’s Ease of Doing Business rankings and underlined that the government is committed to further improving it. He pointed out that IMF has projected a growth of over 11% for the Indian economy this year and predicted this will create new opportunities for U.S. companies including from Minnesota.
Several Minnesota companies such as 3M, Target, Best Buy, Cargill, Medtronic, General Mills, United Health Group etc. are already present in India, and Kumar expressed confidence that more companies will follow suit in the months ahead and that the Consulate was ready to extend any help needed to facilitate matters.
Others who spoke at the event included Regional Trade Manager for India at the Minnesota Trade Office Abdiwahab Mohammad; Gregory Taevs, deputy ensior commercial officer at the U.S. Commercial Service, U.S. Embassy, New Delhi; and Megan Hyndman, Office of South Asia, International Trade Administration, U.S. Department of Commerce; and Doug Jacobson, commercial officer, U.S. Commercial Service, Minneapolis.