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Around 95% of the industry falls under the SMB category in the US, and approximately 30 million SMEs are present in India contributing around 45% to the country's overall industrial output.
"Both the countries have huge business opportunities for the small and medium businesses (SMBs) across sectors. Despite being the major economy drivers, the SMBs mostly find it difficult in expanding their reach in overseas markets. We are working to support them in setting up their businesses along with providing other avenues for growth," she said.
Pune-based SMB Uflex Limited, which manufactures polyester, plastic and metalised films among others, has recently set up its polyester film plant in US.
According to her, India is the fourth fastest-growing country in terms of doing investments in the US, and the investments have seen a 40% growth over the last five years. The bilateral goods and services trade between India and the US is expected to cross a record $100 billion in the coming years. Currently, the trade is at $60 billion.
The focus will be on five key areas - infrastructure, energy, aviation and defence, healthcare and pharmaceuticals, and services, including travel, tourism and education. "These areas, along with solar power and renewable energy, have immense potential for doing businesses in India," she added.
The Embassy, in association with the Federation of Indian Chambers of Commerce and Industry, is organising a two-day Offshore Technology Conference in Houston on May 6 this year. "It is one among many other initiatives to promote commercial collaboration between the two countries," she said.
