US-India Investment Incentive Agreement to give impetus to ties, Biden tells PM Modi
May 24, 2022
Tokyo [Japan], May 24 : In a bilateral meeting with Prime Minister Narendra Modi on the sidelines of the Quad Summit, US President Joe Biden on Tuesday said that the US Investment Incentive Agreement will give impetus to investments in key sectors in India.
"I am pleased that we have reached an agreement for US Development Finance Corporation to continue this important work in India, supporting vaccine production, and clean energy initiatives. I am glad we are renewing the Indo-US Vaccine Action Program," Biden said during the meet.
Biden's remarks came as Foreign Secretary Vinay Kwatra and Chief Executive Officer of the US International Development Finance Corporation (DFC) Scott A. Nathan Monday signed an Investment Incentive Agreement (IIA) which will pave a path to strengthen and promote DFC's investments in India in key sectors.
The US President also said that he is committed to making India-US ties among the closest. "Prime Minister Narendra Modi, there is so much that our countries can and will do together. I am committed to making US-India partnership among the closest we have on earth," Biden told PM Modi in the bilateral meet.
During the meet, Biden apprised that India-US also discussed the ongoing effects of Russia's brutal and non-justified invasion of Ukraine and its effect on the entire global world order. The President said that US-India is going to continue to consult closely on how to mitigate these negative effects.
The meeting between PM Modi and Biden marks a continuation of their regular dialogue having interacted most recently in virtual mode on April 11. The two leaders are expected to review the India-US Strategic Partnership and follow up on discussions held during PM's bilateral meeting with President Biden in September 2021. They will also exchange views on regional and global developments of shared interest.
This meeting comes after the fourth interaction of Quad Leaders since their first virtual meeting in March 2021, in-person Summit in Washington D.C. in September 2021 and virtual meeting in March 2022.
The Quad Summit provided an opportunity for the Leaders to exchange views about developments in the Indo-Pacific region and contemporary global issues of mutual interest.
The Quad summit witnessed the launch of a new initiative for continuous collaboration in the maritime domain, space, climate change, health and cyber security.
