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US investors keen on Bengal

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BS Reporter Kolkata
Last Updated : Jan 29 2013 | 1:55 AM IST

West Bengal continued to remain an important market for American investors, despite crippling CITU strike like the one on August 20.

"We believe that this state has a good market for investment for American investors and strikes do not affect the possible areas for investment. US needs to first understand what Bengal has to offer", said Beth A Payne, Consul General of US Consulate, in Kolkata, at the Indian Chamber of Commerce (ICC).

The US-India Business Council would visit Kolkata as part of its annual trade mission to India in September.

More local trade delegations were also travelling to United States as opportunities existed for investment in areas like iron and steel, information technology, bio technology, clean energy and tourism.

Investment flows between India and US were now at $1 billion with trade between both countries growing at 10 per cent.

US was one of the largest recipients of Indian investment with Indian investment expanding beyond its initial Information Technology (IT) focus into other sectors like pharmaceuticals and manufacturing. Wipro had two development centres in US and Tata Consulting Services (TCS) was present in the US too.

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Trade between India and USA was $41.6 billion in 2007, with US exports to India being $17 billion, up 75 per cent from the year before, and imports from India being $24.1 billion, up 10 per cent from the year before.

Low cost of operations, political stability, proximity to South East Asian countries and industry friendly policies of the state government made Bengal attractive for USA investors, claimed Sanjay Budhia, president of ICC.

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First Published: Aug 20 2008 | 12:00 AM IST

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