Financial Daily from THE HINDU group of publications
Tuesday, Mar 08, 2005
Industry & Economy
Madurai to host meet on `Business with USA'
Madurai , March 7
THE Indo-American Chamber of Commerce (IACC) will hold a seminar on `Business with USA - Madurai Meet 2005' here on March 11.
Since the liberalisation of the economy, the Indo-US bilateral trade has surged from $3.5 billion in 1991 to $17 billion in 2004. While the US has become the largest trading partner of the country, India is only in the 19th position in the list of the US. It exports $1,115 billion worth of goods and services and imports $1,141 billion, with contribution from India accounting for just only one per cent.
The US is also the largest investing country in India. But this is just around $0.5 billion of its total investments. The potential between the two countries is still to be beneficially exploited.
At present, India is the number one exporter to the US in certain products. It is emerging as a strong and competitive global manufacturing hub with a developing R&D base. Its IT prowess is the talk of the global business media. If special focus is bestowed on Indian exports to the US, it can be sustained at 20 per cent or more.
Given the country's need to rapidly build a large infrastructure and modernise its industries, there are significant opportunities to benefit from the US know-how, technology, plant and equipment in a number of services from education to facility management and security services, said Mr T.R.K. Ramakrushna Rajha, Chairman, IACC, Tamil Nadu Branch, while briefing the presspersons on the seminar, here recently.
A panel discussion on `Positioning Tamil Nadu as the leading trade and investment partner with US' forms part of the efforts with participation from leading business figures such as the Chairman of the Ramco Group, Mr P.R. Ramasubrahmaneya Rajha, the Chairman of Gem Granites, Mr R. Veeramani, the Executive Director of TVS & Sons Ltd, Mr R. Dinesh and the President of Madras Consultancy Group, Mr G. Shankar.
Another highlight of the seminar would be the session on `US Business Visas' to be addressed by Ms Carol Cox, Vice-Consul & Deputy Chief of Non-Immigrant Visa Section, American Consulate General, Chennai.
In addition, special sessions on `Fundamentals of Doing Business with USA', `Engineering and Auto Exports to USA', `Textiles and Garment Exports to USA' and `Imports from USA' are to be held.
Mr Bala Chandrasekaran, Attorney, BC&Associates, Chennai, the Director (Exports) of Super Auto Forge Ltd, Chennai, Mr S. Ravishankar and the Chairman of the Handloom Export Promotion Council, Mr M. Sivakannan and Mr Peter Martin from American Consulate, participate in the sessions. On the selection of Madurai for organising the seminar, Mr Rajha said that Madurai and the other towns in the southern region such as Sivakasi, Rajapalyam and Tuticorin are important manufacturing and commercial centres offering ample scope in the field of textiles, readymade garments, bakery units, floriculture, dairy and cold storage units, agro and herbal products, granite stones, blue metal jelly, chamber brick, rubber and plastic-based industries.
As such, a synergy of the sectors held the key for the transformation of the economy of south Tamil Nadu. The seminar would help to attract the attention for the purpose, enabling Madurai to play a very crucial role in the economics and business development of the state in the future, he added.
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