IACC aims for $500 billion bilateral trade between India and US
Hyderabad, October 25, 2017.....Indo-American Chamber of Commerce (IACC) turns 50 and celebrates Golden Jubilee Celebrations. AICC’s Andhra Pradesh & Telangana State Chapter, organised 50th Foundation Day Celebrations of IACC here in the city on Tuesday night. To mark the occasion and celebrate it befittingly, ”we are putting together an ambitious agenda for celebrating our fifty years of existence in a grand scale” informed Srikanth Badiga, newly elected Chairman of AP & TS Chapter.
Some big ticketevents across the country, frequent interfaces with businesses in the US,increased dialogue with stakeholders including administrations of bothcountries, funding agencies in both countries and a lot more on the anvil, headded. And stated that the Chapter would focus on Women Entrepreneurship andSMEs. We will also focus on local companies collaborating withcompanies in US particularly in Manufacturing, Education and Sports, he told.
The Indo-AmericanChamber of Commerce (IACC), has set a target of $500 billion through bilateraltrade between India and US, by 2022 from the current level of $116 billion,Srikanth Badiga informed. Donald E. Milligan, Deputy Consular General,Consulate General of the United States of America, Hyderabad graced thecelebrations as Chief Guest and Jayesh Ranjan, Principal SecretaryIT&ES, Govt of TS as Guest of Honour.
Delivering hisspecial address Donald E. Mullingan said GlobalEntrepreneurship Summit to be held next month in Hyderabad will be atribute to innovation and the entrepreneurial spirit of people. He termed IACCas a very important institution that has been a driving force in promoting USand Indian economic engagement. India and the US are now “Major DefencePartners”, a special category created just for ourrelationship, Donald Mulligan added.
Concluding hisaddress Mulligan said that the consulate is striving to promote state-to-stateand city-to-city commercial exchanges. Addressing the gathering Jayesh Ranjansaid that GES is going to knock our doors in less than a month and urged IACCto partner with State Government to continue the buzz of entrepreneurship evenafter the GES meet is over. Jayesh also suggested IACC to help SMEs byfacilitating them source right technology from US in a similar way Singaporehelps its SMEs rather than extending subsidies.
Srikanth Badiga,Vijayasai MEKA Chairman and Vice Chairman of IACC Hyderabad,Nrupender Rao, the doyen of Pennar Group, Gowra Srinivas, Chairman of FTAPCCI,several past presidents of IACC and other office bearers of IACC, Governmentofficials, representatives of trade and industrial bodies like FATPCCI, FIEO,EXIM Bank, Telangana Trade promotion council etc and other chambers graced theprogram.
All the pastchairmen of AICC were felicitated for their contribution. Welcoming the gathering,Srikanth BADIGA, Chairman of the Chapter said let me take this opportunity togive tributes to our Founding Members, Past Presidents at National, Regionaland Chapter levels and all those who worked tirelessly for nurturing this bodyto the pre-eminent position it occupies at present. In terms of bilateraltrade, the target set by the IACC is to peak it to the level of US$ 500 billionby 2022. The present level of trade is in the vicinity of US$116 billioninformed Srikanth BADIGA.
But some of therecent developments, thanks to the initiatives taken both at the government andprivate sector in two countries, have given us a ray of hope of reaching thatfigure in time. The recent import of crude oil from the US, for the first timein the history of India, increase in the volume of imports in defense andaerospace sectors, flow of tourists to each other’s country,cooperation in the healthcare sector and increased number of Indianstudents seeking admissions in the US universities etc. are indicators thatoverall, gross trade volumes are picking up, Srikanth added.
IACC was establishedin 1968. It is the apex bi-lateral Chamber synergizing India-US EconomicEngagement. It was started by Ambassador Chester Bowles along with the thenIndustry leaders and visionaries like Mr. S L Kirloskar, Mr. Harish Mahindra,Mr. H. P. Nanda, Mr. Ambalal Kilachand, Mr. A. M. M. Arunachalam, Mr. FrederickFales and Mr. John Oris Sims for enhancing US India Economic Engagement. TodayIACC has pan India presence with 2400 members, representing cross section of USand Indian Industry.
IACC’s vision is “Tobe the principal bilateral chamber committed to the promotion of industrial,economic, business and commercial activities between the united states ofAmerica and India” . And it’s Mission is to act as a catalyst in promotingeconomic growth between the two countries and to protect and promote thecollective bilateral needs and interests of the Indo-US business community. Andalso lobby with two governments on significant bilateral issues affectionIndo-US commerce.