Modi addresses business community at Mellon Auditorium
September 30, 2014 – WASHINGTON, D.C. – The U.S.-India Business Council (USIBC) welcomed India’s Prime Minister Narendra Modi at a reception tonight at the Andrew Mellon Auditorium. USIBC Chairman Ajay Banga, President and CEO of MasterCard and U.S. Chamber of Commerce President and CEO Thomas J. Donohue, delivered remarks touting both the strength of the bilateral economic relationship between the U.S. and India and the positive expectations for Mr. Modi’s new government. Banga noted, "We are honored to be part of the Prime Minister's historic visit to the U.S. Under the leadership of the Modi government, India has the potential to be on a very different development trajectory and to shine once again as an investment destination. The U.S. business community stands ready to help.”
Already, USIBC has identified upwards of $41 billion dollars slated for investment from members over the next two to three years. And that’s based on a survey of only 20 percent of USIBC’s membership. Modi spoke in glowing terms about the opportunity before both countries inviting business leaders at the reception to set up shop in India. “This is a win-win situation,” Modi said. He called on Americans to take advantage of India’s growing economy to foster mutual prosperity. Together “we will reach new heights of development and growth,” Modi said. American leaders share the enthusiasm Mr. Modi has about the road ahead for these two countries. President Obama has called U.S.-India relations “one of the defining partnerships of the 21st Century.”
Already, the U.S. and India cooperate on cyber security, national defense, higher education, low-cost medical technologies, space and many other areas. And India’s commitment to democracy makes it a natural ally for the U.S. USIBC Acting President Diane Farrell added, “We look forward to our continued partnership with Mr. Modi and his government. Having worked with the Prime Minster since his days in Gujarat we are aware of the great things that he has accomplished and believe he has the capacity to add to those accomplishments in the coming years.” Donohue said, “We are natural partners whose destinies are tied together, and as the world’s two greatest democracies, we must stick together and be leaders. Together we can provide jobs, opportunity, and prosperity to both of our countries, but only if we have the wisdom and courage to seize the opportunities and potential of our relationship.”
On October 9th, USIBC looks forward to continuing the discussion of growth in India under the Prime Minister at its annual Leadership Conference. Participants include the CEOs of MetLife, Aditya Birla Group and USIBC Board Members along with its 300 plus member companies. Immediately thereafter USIBC will attend the U.S.-India Technology Summit in New Dehli. As part of summit the council will put together a “Smart Cities” conclave and USIBC ICT Mission. Joining USIBC will be senior executives from member companies including IBM, Cisco and others where they will have extensive discussions with the Ministry of Urban Development, Department of IT, DIPP, DOT, and other relevant government departments. And at the beginning of 2015, USIBC will lead a CEOs Mission to participate in Vibrant Gujarat.
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 310 of the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay Banga, President and CEO, MasterCard.