New Delhi: Forced by the economic downturn in their country, US-based small and medium firms are now turning to India to tap country’s potential and explore possibilities of tie-ups with the domestic partners.
“The business slowdown back home has greatly encouraged these companies (US SMEs) to look at India for expanding their business plans in a high growth market economy,” American Chamber of Commerce in India (AMCHAM) executive director Ajay Singha said.
A 15-member delegation comprising representatives from several sectors including, automobile, electronic equipment, chemicals, architecture and lifestyle products, will be visiting India this month.
“The delegates will be examining the possibilities of business tie-ups with mid-size Indian firms,” AMCHAM said.
According to the estimates, the bilateral trade between the countries is expected to touch $60 billion by 2010.
India’s exports to the US have increased from about $10.52 billion in 2000-01 to $18.87 billion in 2006-07.