April 2017 India Newsletter
Here's the latest SelectUSA roundup of news, events, success stories, and information for Indian businesses looking to invest in the United States.
The SelectUSA Investment Summit, the top foreign direct investment event in the United States, happens June 18-20, 2017, at the Gaylord National Resort and Convention Center in the Washington, D.C. area.
The Summit draws over 2,000 participants from 70 international markets and economic development organizations (EDOs) from across the United States. This year's theme – "Grow with US" – will highlight the innovative business climate in the United States and feature investment opportunities from every corner of the country. Increased networking time will provide new opportunities for a wide range of global investors to engage with state, regional, and local economic developers – all under one roof.
Registration is open and Indian firms looking to enter or expand into the United States are encouraged to apply.
All applications will
be vetted before approving, therefore registration itself does not guarantee a
place at the Summit.
The 2017 SelectUSA India Road Show was a phenomenal success. On March 6-10, the road show stopped in New Delhi, Ahmedabad, and Bengaluru. The delegation of U.S. economic development organizations met one-on-one with Indian investors and executives. SelectUSA specialists and speakers representing the Reserve Bank of India, World Business Capital, Nishith Desai & Associates, Challa Law, and BDO provided attendees with actionable information on financing options and the U.S. investment process. In all, over 300 Indian investors joined SelectUSA in all three cities.
Sundaram
Clayton Limited (SCL), based in Chennai, is a part of the $7-billion
TVS Group and is a leading supplier of aluminum castings for the global automotive industry.
The
U.S. Commercial Service's (CS) and SelectUSA’s relationship with SCL goes back
to December 2014. During a reception event organized at the Consul General’s
residence, the Joint Managing Director of the SCL Group expressed interest in setting up a manufacturing unit in the United States.
As a
follow up, CS engaged with SCL management, counseling their project team
on the SelectUSA program and encouraging them to join the 2015 SelectUSA Investment Summit (held in March 2015).
During the Summit, the SelectUSA team facilitated SCL’s introduction to different U.S. economic
development organizations present at the event.
Later that year, during the SCL feasibility study process, CS India facilitated a meeting for them with the U.S. Embassy's Minister Counselor for
Consular Affairs. Following SCL’s investment
announcement in August 2015, the CS team arranged a meeting between SCL's Joint Managing Director and SelectUSA's Executive Director during the 2015 India Road show to Chennai in October.
The SelectUSA team briefed SCL on
incentives, federal incentives and financing for manufacturing, foreign trade zones, HTS
codes for import tariffs, and anti-dumping orders. The briefing helped inform
SCL’s decisions in their investment journey.
As a result of the sustained support from CS India and SelectUSA, SCL was able to identify South Carolina as their
preferred manufacturing investment destination. In February 2017, the group
announced its investment: a manufacturing facility in
Dorchester County, SC, with a capital investment of $50 million and 130 jobs to
be created over the next five years.
Earlier this month, SelectUSA's team of investment research analysts produced a report on the significant impact foreign direct investment (FDI) has in the U.S. manufacturing industry.
Among the key findings:
- Total FDI stock in U.S. manufacturing reached $1.2 trillion in 2015, the largest among of any sector in the United States
- FDI in U.S. manufacturing is growing at an average annual rate of 9 percent, the second-fastest growth rate in the country
- More than 2.4 million U.S. jobs in the manufacturing industry are directly supported by FDI
For more information on SelectUSA and investing in the United States, please contact Rahul Padmanabha.
U.S. Commercial Service/ U.S. Department of Commerce
9th Floor, JW Marriott Hotel
24/1 Vittal Mallya Road
BENGALURU - 560 001 INDIA
T: +91 80 2227 3143
M: + 91 9611204466
rahul.padmanabha@trade.gov
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