Indo American Chamber of Commerce (IACC), Tamil Nadu successfully hosted a first of its kind B2B meet on US – India Business Growth opportunities in Shipping and Logistics on February 20, 2012 in Chennai.
Francisco Sanchez, Under Secretary of Commerce for International Trade, U.S Department of Commerce presided over the event as the Chief Guest and Jennifer McIntyre, US Consul General, Judy Reinke, Counselor for commercial affairs US Embassy, Delhi as the Guests of Honour.
The dignitaries were joined by executives from twenty leading shipping and logistics companies who met up with and discussed with Indian companies in the sector, possibilities for collaboration and potential avenues for investment. In 2011 bilateral goods between India and the United states was nearly $ 58 billion dollars million tones.
India’s shipping sector continues to expand at a frenetic pace, with a combination of increasing consumer demand and overseas trade volumes boosting shipping volumes to and from India’s ports. What is more, India’s impressive economic growth is fuelling the rapid development of the country’s container ports in particular, as income levels and demand for consumer goods expands.
In his remarks, Francisco Sanchez, Under Secretary of Commerce for International Trade, U.S Department of Commerce, said,” India is emerged as economic leader. Its 1.3 billion people are among the most creative and innovative in the world. And our two countries share similar goals, expanded opportunity , greater prosperity and thriving economies. In 2011 bilateral trades in goods between India and US was nearly $ 58 billion. India will grow faster than any other country in the world in the next 20-25 years, but with the excitement causes the challenges. So does its infrastructure need to develop. The current infrastructure network isn’t strong enough to support India’s emergence. India’s businesses cannot be competitive in this environment. Investments are clearly needed that’s why I was glad to see the announcement last year by the government of India, $ 66 billion for the port sector and $ 27 billion for shipping sector. This will reportedly increase India’s port capacity from one billion tonnes to 3.2 billion tonnes by 2020. India is quickly becoming a home for the world’s capital for talent, innovation. It is a remarkably story of progress”.
Jennifer McIntyre, US Consul General said: “We are delighted to host the first of this trade mission. India’s economic growth is well known, along with that growth rate comes the side effect of severe infrastructure capacity constraints, this is especially true in the ports and logistics sector. Here in south India you will find a large and successful manufacturing base that is pushing some of India’s largest ports located here in the south, beyond their capacity. I know you will also find willing partners here that are more than willing to engage with US companies and US ports to find mutually beneficial commercial solutions to addresses the capacity issues face here”.
Raman Govindarajan, Chairman, IACC Tamil Nadu added: “It is indeed our pleasure to host this First B2B delegation meet under the leadership of Sanchez in Chennai. We are expecting this will result into more partnerships, deals and alliances and it is an opportunity for Indian Companies to meet twelve delegates from leading shipping and logistics industry. In the past three months IACC hosted around eight successful events and hosting many dignitaries from Washington including US Exim Bank Chairman, and is also held popular events in Coimbatore and Madurai”.
The US companies that were a part of the delegation includes Aecom, The Beckett Group, Container Trac, Rapiscan Systems Inc, Thermo Fisher Scientific, Inc, DSC Dredge, Ellicot Dredges, Great Lakes Dredge and Dock Company, Port of Baltimore, Port of San Diego among others.
Dredging Today Staff, February 22, 2012