Under Secretary for Economic, Energy and Agricultural Affairs Robert D. Hormats today said U.S.-Indian Scientific and business collaboration continues to grow.
At the U.S.-India Strategic Dialogue, Mr. Hormats said engaging with India’s very highly accomplished Diaspora is a key priority of the Department of State.
“In my role in overseeing economic affairs of the State Department I can personally attest to the fact that private sector and business ties are one of the main drivers of the very dynamic U.S.-Indian relationship.” -Mr. Hormats
He noted that nearly 20 months ago President Obama and Prime Minister Manmohan Singh met in Washington to open a new chapter in relations between the two great nations – the world’s oldest and largest democracies.
He stressed that the two leaders emphasized their countries’ shared values, pluralism, tolerance, openness and respect for fundamental freedoms and for human rights.
“They noted how these values are increasingly important for securing global security and sustainability.” -Mr. Hormats
According to Mr. Hormats, the President Obama’s trip to India last November produced another watershed moment in their rich ties. He said it demonstrated once again that a partnership holds benefits for both of their countries as well as for the world.
“Our two nations are now cooperating on nearly every important challenge of our times, from counter-terrorism to non-proliferation; from economic growth to reconstruction in Afghanistan; from food security to economic security.” -Mr. Hormats
He said the United States values India as an important partner in the G20 and sees India as an important partner in addressing the great challenges that both of our countries and indeed the world faces in the 21st Century.
He further stated that to further strengthen their already strong cooperation, Secretary Clinton will be traveling to India next week for our second Strategic Dialogue. During her trip to India Secretary Clinton will conduct high level government-to-government meetings in Delhi and she will also visit Chennai.
“This will mark the first visit by a serving U.S. Secretary of State to Chennai which has emerged as a hub for trade, investment and people-to-people engagement that is driving the U.S.-Indian relationship.” -Mr. Hormats
On trade issues, Mr. Hormats said the U.S.-India robust commercial relationship provides an example of how their strong and growing people-to-people ties complement and in fact are often well out in front of our government .
He elaborated that the U.S. and India share not only common values and interests, but also common innovation-based cultures focused on cutting edge research and dynamic entrepreneurship. He added both countries believe in the free flow of ideas, information, and creative juices. Both thrive on freedom of the press and the robust interplay of diverse views.
“Given that we share strong cultures of innovation, risk-taking and creative thinking, the potential for increased U.S.-Indian scientific and business collaboration is enormous. In fact our two countries already work together in a wide range of areas resulting in enhanced trade and investment and mutual job creation.” -Mr. Hormats
He said the trade between the U.S. and India has doubled twice in the past ten years. It continues to grow and drive their economic partnership.
Mr. Hormats stressed that Indian foreign direct investment in the United States was $5.5 billion at the end of 2009, growing at approximately 35 percent between 2005 and 2009, making India the seventh largest growing source of FDI in the United States.
“We welcome such investment, we welcome more and more of it, and we will also discuss this while we are in India.” -Mr. Hormats
Dr. Robert Hormats is the Under Secretary of State for Economic, Energy and Agricultural Affairs at the U.S. Department of State. He was formerly Vice Chairman of Goldman Sachs International where he joined in 1982. He served as Assistant Secretary of State for Economic and Business Affairs from 1981 to 1982, Ambassador and Deputy U.S. Trade Representative from ’79 to ’81, and Senior Deputy Assistant Secretary for Economic and Business Affairs at the Department of State from 1977 to 1979.