The Indo-American Chamber of Commerce (IACC), the only bi-lateral chamber for Indo-US business, yesterday, hosted a reception and interaction with the US Department of Commerce’s first “Aerospace Suppliers Development Trade Mission” to India. The visiting team includes several senior ranking US Department of Commerce officials and senior executives of leading aerospace suppliers. The objective of the event was to facilitate SMEs in Karnataka to introduce their respective companies and capabilities to the US Trade Mission. Several members from the trade mission had specific requirements for which IACC facilitated meetings after the initial matchmaking & due diligence process. Before coming to Bangalore, the US trade mission visited New Delhi. Next, they are scheduled to travel to Hyderabad to complete their India tour.
Addressing the gathering Deputy Assistant Secretary, Office of International Operations, US Dept of Commerce, Ms. Karen Zens said, “The United States has been the world’s largest producer and promoter in aerospace and aviation since the early twentieth century. The US aerospace industry was highly successful in 2006, with total deliveries projected to surpass US$ 184 Billion. Liberalization & privatization have led to substantial consolidation and restructuring of global aerospace industry. India is a capable aerospace hub and holds great promise for potential investors. In the recent years, various companies have shown interest in the Indian Aerospace sector. Apart from optimizing the capacities and capabilities of both the countries, we look forward to a long term strategic co-operation with Indian Companies, defining new business models together and bringing in global engineering services widely acknowledged by the industry.”
IACC Chairman, Karnataka, Mr. Raj Rajkumar said, “IACC has always been proactive in promoting Indo-American business and strengthening the trade and economic relations. The aerospace sector is the next big thing that can further brace up the economic development. IACC aims to serve as a platform, opening the door for discussion between companies and create an environment where we see dialogues materialize into business deals. The Indian aerospace sector ranks among the world’s most dynamic, with airlines in India in the process of buying several aircrafts worth billions of US dollars between 2007 and 2012. India is also planning on upgrading their air defense equipment which is estimated at US$ 3-4 billion. India is planning major procurements of military aviation hardware and is also upgrading its surveillance, defense and strike capabilities. With this sort of requirements India itself will be a major customer to US aerospace companies.”
Mr. K S Shivaswamy, Managing Director, Karnataka Udyog Mitra said, “As India is emerging as a key player in the aerospace market, this is the right time for international companies to invest in this sector and also look out for long term partnership with Indian companies. Besides the large players like HAL, NAL, ADA, LRDE, ADE Karnataka has several small and medium companies that offer specialized services for the aerospace industry. Karnataka also has an excellent human resources pool for the aerospace sector from premier institutes like IISC, Indian Institute of Information Technology and large number of engineering colleges.”
He also urged companies and officials to participate in the Karnataka Global Investors Meet scheduled in May-June 2010 to explore investment avenues and for networking.
About IACC:
IACC is an industry managed organization that is committed to develop Indo-US business and trade relations. IACC's mandate is to strengthen and support Indo-US trade by being the catalyst between the two countries. Established in 1968, the IACC continuously interacts with the Governments as well as Business communities of India & US. The chamber currently has over 2000 active members, 4 regional offices and 10 branch offices across India Within the main organization are 16 specialist committees to cater to the different needs of its members. Members of IACC are drawn from diverse business backgrounds and include India’s major corporate houses and over 200 Indo-US joint venture enterprises.
For more information on the Indo-American Chamber of Commerce (IACC) visit: www.iaccindia.com
