Vibrant Gujarat Summit: USIBC organises seminar addressing ways to increase trade between India, US

Gandhinagar (Gujarat) [India], January 11 : Ed Knight, Global Board Chair of the US-India Business Council (USIBC) and Executive Vice Chairman of Nasdaq, led the trade association's executive delegation to the 10th edition of the Vibrant Gujarat Global Summit in Gujarat's Gandhinagar. USIBC organised a country seminar addressing ways to increase trade and investment between the United States and India.

US Consul General in Mumbai Mike Hankey and Ed Knight were the keynote speakers at the USIBC country seminar. The seminar concluded with a panel discussion titled "Shaping the Future: The Evolving India-U.S. Bilateral Relationship," according to USIBC's press release.

The panel featured executives Amit Singh, CEO, Adani Green Energy Limited; Anand Ramamoorthy, Vice President and Managing Director, Micron India; Dinesh Reddy Musukula, Director, Dr. Reddy's Laboratories; and Jagdish Mitra, President - India Business and Head of Corporate Affairs, Tech Mahindra. Nick Vyas, Founding Executive Director of the USC Marshall Randall R. Kendrick Global Supply Chain Institute, also joined the discussion, the USIBC said in a press release.
USIBC President Atul Keshap said, "India's significant pool of skilled talent and its entrepreneurial culture position it as an ideal collaborator for US businesses. Gujarat has emerged as a pivotal state, contributing 8.3 per cent to India's Gross Domestic Product as of FY 2022-23 and standing as a preferred investment destination."
"The Government of Gujarat has been proactive in enhancing the state's business climate through initiatives like ease of doing business, leveraging outstanding infrastructure, advancing connectivity, and training a qualified workforce. USIBC works closely with several U.S. and Indian states, including Gujarat, to intensify exchanges that advance economic goals for both of our great democracies," he added.
During the visit, Ed Knight met Prime Minister Narendra Modi to discuss policy reforms to boost financial inclusion at an industry roundtable focused on growing India's FinTech ecosystem. Nine USIBC member companies participated in the roundtable.
During the Vibrant Gujarat Summit, Ed Knight participated in the Global Fintech Leadership Forum chaired by PM Modi. At the Forum, Knight discussed both USIBC's role in promoting bilateral trade and investment, including growing India's emerging global financial center GIFT City, and the role of Nasdaq in promoting financial technology in India.
Knight also emphasized USIBC policy priorities that would advance these shared goals, including permitting the direct listing of Indian companies on US stock exchanges and easing the ability of Indians to invest in US capital markets, according to the USIBC press release.
"As ties between India and the U.S. continue to strengthen, significant opportunities are emerging to provide greater access to capital for India's fast-growing entrepreneurial ecosystem and open up significant investment opportunities for India's 1.4 billion citizens," Ed Knight said.
"At Nasdaq, we have a unique vantage point into this dynamic and dedication to advancing economic progress for all. As a bridge between corporates and investors, we hope to facilitate better access to capital for Indian companies while bringing greater transparency and investment opportunities to Indian investors," he added.
On Tuesday, US Consul General in Mumbai, Mike Hankey expressed his excitement about the significant American presence at the Vibrant Gujarat Summit.
"We are so excited to be here in Vibrant Gujarat. A big American delegation, both from the Government as well as the private sector, is out here...We see the very best US companies out here. Take a look at the US-India trade relationships- over 191 Billion USD, more than doubling in the last decade and it is only going to keep getting bigger. During Vibrant Gujarat, we are looking at the education partnership opportunities", said Consul General Hankey, emphasizing the substantial growth in trade between the two nations.
The US-India trade relationship has witnessed remarkable expansion, with bilateral trade exceeding 191 billion USD. This significant increase over the last decade underscores the deepening economic ties and mutual benefits derived from the collaboration.
Consul General Hankey also highlighted the focus on education partnership opportunities during the Vibrant Gujarat Summit. The Consul General emphasised the diversity of American participation, ranging from companies to universities and enterprises of varying sizes.
"We have got American companies, universities, small and large enterprises--they are all really interested in being here. I think that reflects the great opportunity that is here and the alignment in values and outlook that both the US and India have", he said.
The Vibrant Gujarat Global Summit was started in 2003 under the leadership of Modi when he was the state chief minister. The tenth edition of the Vibrant Gujarat Global Summit is being held from 10 to 12 January 2024 in Gandhinagar. Its theme is 'Gateway to the Future'.
This 10th Edition of the Summit is celebrating "20 Years of Vibrant Gujarat as the Summit of Success". There are 34 Partner countries and 16 Partner organisations for this year's Summit. The Ministry of Development of North-Eastern Region will also utilise the Vibrant Gujarat platform to showcase investment opportunities in the North-Eastern regions.
The Summit has various events including seminars and conferences on globally relevant topics such as Industry 4.0, Technology and Innovation, Sustainable Manufacturing, Green Hydrogen, Electric Mobility and Renewable Energy and Transition towards Sustainability.