The Indo-US trade is likely to be doubled in next five years from the present $37 billion, Suresh Kumar, Assistant Secretary of Commerce and Director General of the US Foreign Commercial Service said here today.
The Commercial Service helps US companies and workers in foreign trade so that their international sales help to support jobs back home.
Kumar's week-long visit to India is seen as preparing the ground for his boss and US President Barak Obama's visit next week.
He said the US energy majors are also pitching in for a share in the solar energy sector which is set to get a boost with the recently announced 'National Solar Mission' which indicated the possibility of unprecedented investment in renewable energy with a massive expansion in installed solar capacity—from 20 GW of solar power by 2020.
Kumar, who met Ambains, Tatas and other business tycoons yesterday, said the US exports to India doubled between 2005 and 2009 and increased 20 per cent through the first seven months of 2010.
"We are growing at 15 per cent compound annual growth rate. We may double the trade in the next five years. Infrastructure development, clean energy, aviation and biotechnology are some of the key areas the US is interested to work with India," Kumar told media persons.
He said exports from the US in the last year to India stood at $16 billion and the exports from India to the US $21 billion.
Kumar said the US companies are keen to reap the benefits that would emerge out of National Solar Mission announced by the Ministry of Renewable Energy.
He said some of the US companies have already started working on solar energy power projects in Gujarat and Rajasthan.
"Solar continues to be an area of interest for us. Similarly wind continues to be an area of interest. Several American companies have already signed deals. Some even commissioned projects in Gujarat and Rajasthan predominantly on the solar energy. We have four deals that are happening right now with many others lined up," the US Assistant Secretary said.
Justifying the US Government's move to hike visa fee abnormally, he said the price is in accordance with demand for US Visa.
"The demand for people coming to the USA or business visa otherwise continues to grow. The only way to service the demand is to either have better systems and invest in it or invest in more people. Both of which increases the cost,” he added.
