India Business
Trade body to promote SME activity in India, US
May 7, 2007 - 11:13:55 PM

Kolkata, May 7 - The Indo-American Chamber of Commerce - Monday joined hands with a US-based business development organisation to facilitate economic activities in small and medium enterprises - of both the countries.

IACC has signed a memorandum of understanding - to this effect with the World Trade Center, Rhode Island.

IACC regional president S.K. Jain said a 30-member Indian delegation, headed by Minister of State for Food Processing Subodh Kant Sahay, would visit the US between May 13 and June 8.

'His visit would be targeted to woo US investment in areas like, textiles, food-processing, engineering goods and defence,' said Jain.

Dennis McCarthy, managaing director of the World Trade Center, said 13 US companies have shown their interest to invest in India so far.

'I expect nearly 35 American companies to invest in India in the next one year. There are certain areas in the US like textile, medical equipment, food-processing, defence and jewellery designing where Indian companies can also invest,' he noted.

Following the agreement, the IACC logo will be included in the India Business Programme - the flagship of the two organisations for trade facilitation.

'We are hopeful the association will definitely have a ripple effect on the bilateral trade,' said McCarthy.

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