- Announces representation in Mumbai, New Delhi and Bangalore
- Targets Plastics, Advanced Manufacturing, IT and Energy sectors
Governor Bob McDonnell today further expanded Virginia's international economic development presence with the announcement of the Commonwealth's new marketing representatives in India. The Governor announced the representation during a press conference in Mumbai. The Governor is currently on a two-week job creation and marketing mission to Israel and India.
The Commonwealth of Virginia is offering Indian companies and investors incentives based on capital investment and actual number of jobs created. In contrast to most other US states, Virginia incentives will be paid in cash form to the enterprise, instead of tax credits. Due to its location and ready-made talent pool Virginia is the IT industry leader in the USA. This is expected to continue as a trend with the current business synergies of an ideal location with a vast transportation and a highly skilled talent pool required by IT enterprises.Aside from IT, Virginia is also focusing its growth in advanced manufacturing and aerospace projects.
Speaking about the announcement in India, the Governor noted, "India is a very valuable market for the Commonwealth, as Virginia exported nearly $293.7 million in goods to India during 2010. As one of the world’s fastest growing economies, India is a key player in the global marketplace. With the addition of Virginia representation in the country, we open the door to further grow a strong economic relationship with India and help create more jobs and opportunities for Virginians.”
With thirty one of the Fortune 1000 firms headquartered in Virginia and Indian conglomerates like the Tata Group and the Essel Group having already cemented a significant presence there, the delegation hopes to garner more interest among potential Indian companies to set up operations and benefit from a slew of incentives and attractive schemes. Target industries include plastics, advanced manufacturing, IT and energy. The Governor and the Virginia Economic Development Partnership (VEDP) officials are also meeting corporates and business associations to educate them on the merits of Virginia as a preferred destination for investment.
Mr. Danny Patel, Senior Vice-President at the Sandesara Group who has accompanied the high powered delegation to India said, “Virginia is a pro-enterprise and pro-business destination. Our first interest in looking at the Commonwealth of Virginia was due to its strategic geographic location. Many of our clients are located along the US east coast from Florida to Massachusetts. We immediately realized that Virginia is roughly a half-way location and that we could deliver shipments to New York in about 8 hours travel time and similarly to Atlanta, Georgia”.
The Virginia Economic Development Partnership (VEDP) has hired Kavan Bhandary, who will represent Virginia in Mumbai. Bhandary has more than 10 years of India outward Foreign Direct Investment consulting experience and is a Founder of India’s leading Economic Development consulting firm with major international contracts such as Wallonia region of Belgium, Birmingham, UK and several other global business locations.
VEDP has also hired SrinathRao, who will be based in Bangalore. Rao has more than 20 years of international business development experience working for multi-national firms. Rao completed his MBA in the U.S. and is backed by a leading Indian business consulting firm.
The Virginia Department of Agriculture and Consumer Services’ (VDACS) has hired Atul Khanna of i2i Consulting to represent the Commonwealth in New Delhi.VDACS promotes the economic growth and development of Virginia agriculture, encourages environmental stewardship and provides consumer protection.