WASHINGTON and NEW DELHI, Sept. 23, 2015 /PRNewswire/ -- Commitment to the U.S.-India trade and investment relationship was further strengthened with the announcement that a series of U.S. Business Centers will be established in India, to provide an incubation style environment for U.S. organizations entering and expanding in the market. The announcement was made by Dr. Mukesh Aghi, President of the U.S. India Business Council, at the Council's 40th Anniversary Leadership Summit in Washington D.C. following the opening keynote address by U.S. Vice President Joe Biden and in introducing Secretary of State John Kerry's address. Additional keynotes were given by U.S. Secretary of Commerce Penny Pritzker, and representing the Government of India the Minister of External Affairs Sushma Swaraj; Minister of Commerce and Industry, (Independent Charge), Nirmala Sitharaman; and Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy Piyush Goyal. The event was attended by four hundred senior U.S. and Indian diplomats, policymakers, business leaders, and investors. The Leadership Summit kicked off the inaugural U.S. –India Strategic and Commercial Dialogue taking place in Washington D.C. this week and in advance of Prime Minister Modi's visit to the U.S. later this week.
U.S. Business Centers (www.USBusinessCenters.com) are market-entry incubators dedicated to successfully launching and expanding American enterprises within India. U.S. Business Centers provide their clients fully serviced offices in leading Indian cities, as well as access to a diversified range of critical market entry and business development services, including marketplace assessment, strategic planning, research, legal and financial services, HR, marketing, and related support services. U.S. Business Centers are particularly dedicated to addressing the India related start-up and early stage requirements of smaller and mid-sized American organizations.
The U.S. Business Centers' initiative in India is an outgrowth of discussions with Secretary Kerry, during his visit to India, in January, and the goals established at the 2015 India U.S. Business Summit, in New Delhi, led by President Obama, and Prime Minister Modi, in which the U.S. Business Centers CEO, Adrian Mutton, actively participated. The Centers are expected to play a pivotal role in helping to achieve the target set by Mr. Obama and Mr. Modi, of the two countries achieving $500bn of mutual trade by 2020. The first two Centers will be established in Mumbai and New Delhi, in late 2015, with a third Center, in Bangalore, opening in 2016.
In commenting on the announcement, Mr. Mutton stated, "It was made perfectly clear by Secretary Kerry, during our meeting with him in India in January, that an initiative was required to provide greater local support to U.S. small and medium sized companies and institutions seeking to do business in India. President Obama and Prime Minister Modi, in the Joint Statement made by the nations' two leaders, at the subsequent U.S. India Business Summit in New Delhi, then set the challenge of 'finding ways of making it easier to do business between our two countries.' We took this as our mandate and have subsequently been completely focused on delivering an initiative, which responds to both of their visions. The U.S. Business Centers will clearly make it far easier, and faster, for U.S. companies to set up and do business in India. Greater levels of trade and investment between the two countries and increased local competitiveness of small and medium sized U.S.-based companies will be the natural outcome."
Collaboration and support for the U.S. Business Centers will be provided by major American and Indian corporations, from multiple industries that do significant business in both countries. The founding sponsor supporting the U.S. Business Centers initiative is Citibank NA, India Branch (Citibank India). Citibank India has been active in the country for more than a century and now serves more than 36,000 small and mid-sized Indian companies, and operates 45 branches across 28 cities.
"Citibank India is committed to supporting bi-lateral trade between the U.S. and India and we believe the U.S. Business Centers will go a long way to foster more engagement between the two countries. We are delighted to support the U.S. Business Centers in India that will help U.S. organizations seeking to enter and expand in the country," stated Tushar Vikram, Head, Commercial Banking, Citibank India.
Recognizing Citibank India's support, Mr. Mutton stated, "We are very pleased to acknowledge Citibank's vision and commitment to the U.S. Business Centers initiative. They are a preeminent financial institution, in both the U.S. and India, and we look forward to working with them on facilitating greater commercial success between the two countries."
The U.S. Business Centers' initiative is actively supported by the U.S.-India Business Council, the premier business advocacy organization dedicated to strengthening the U.S.-India economic and commercial relationship. Members of the Council include more than 300 of the leading U.S. and Indian corporations. USIBC President, Dr. Mukesh Aghi stated, "I am delighted that the U.S. Business Centers are being established in India. The USIBC has looked particularly closely as to how greater levels of support can be provided to U.S. small and mid-sized companies, universities, and skills' providers in India. The Business Center's integrated support model should make it easier for U.S organizations to do business in India and achieve greater levels of success. We are delighted to support Sannam S4 in this necessary and timely enterprise."
Mr. Mutton added, "We are indeed grateful for the enthusiasm, encouragement, and help of the U.S.-India Business Council whose support for the initiative has ensured the U.S. Business Centers in India will now be a reality."
SOURCE U.S. Business Centers