Presidential mission led by Secretary Brown to India participates in contracts worth more than $7 billion

Business America, Feb, 1995

Secretary of Commerce Ronald H. Brown led a Presidential Business Development Mission to New Delhi, Bangalore, and Bombay, India, January 13-21. He was accompanied by 26 Presidents and CEOs of U.S. companies, as well as other U.S. Government officials. During his week-long visit, Secretary Brown inaugurated a new U.S.-Indian Commercial Alliance and participated in the announcement of more than 25 transactions between U.S. and Indian companies worth over $7 billion.

"I believe this is a milestone in our relations with India," said Secretary Brown. "The courageous reforms of the Rao Administration provided the opening. The alliances and the business transactions which have followed - and which will continue to follow - will benefit the people of both our nations."

The historic mission to India, a country designated by the Clinton Administration as one of the world's 10 Big Emerging Markets, is aimed at further promoting India's efforts to reform its economy and increase foreign investment and business opportunities for U.S. firms.

"We are greatly encouraged by the reform efforts of the Indian Government and believe this will lead to a stronger commercial relationship with the United States that will greatly benefit the economies of both countries," stated Secretary Brown. "The potential market that exists in India, the world's largest democracy, for U.S. businesses in sectors such as energy, telecommunications, infrastructure, and environmental technologies, is vast and virtually untapped. This mission is yet another example of the Clinton Administration's commitment to advocate on behalf of U.S. business to boost U.S. exports and create U.S. jobs, and to contribute to sustained global economic growth."

The CEOs and Presidents who joined Secretary Brown on the mission head U.S. businesses looking to deepen ongoing ties with the Indian market, pursue joint ventures, or to enter the Indian market for the first time. The businesses included major growth sectors such as telecommunications, power generation, transportation and infrastructure, finance, information systems, and food processing.

The mission visited three economic and financial centers in India - New Delhi, Bangalore, and Bombay. The Secretary met with senior government officials, including Prime Minister Rao, to promote cooperation on bilateral commercial interests and discuss ways to expand economic vitality and job creation in both the United States and India.

New Delhi: The First Stop

In New Delhi, on January 16, Secretary Brown met with Indian Commerce Minister Pranab Mukherjee to announce the establishment of the U.S.-India Commercial Alliance. He was accompanied by several delegation members from companies in the power and telecommunications industry sectors. The Alliance will bring together the two governments and representatives of their private sectors in order to develop closer ties among private firms. The activities of the Alliance will center around developing business-to-business links in specific sectors such as telecommunications, power generation, transportation, food processing, and financial services.

"The U.S.-India Commercial Alliance is a concrete example of the U.S. commitment to solidify the foundations of an already growing U.S.-Indian commercial relationship," stated Secretary Brown. "We are creating a framework by which our countries' private sectors can benefit from the enormous commercial opportunities for solid investment and business, spurred by the recent reform efforts of the Indian Government. We are also committing to be genuine partners as we focus on building a solid infrastructure that will support future prosperity and growth."

Also on January 16, Secretary Brown met with Indian Power Minister N.K.P. Salve and Telecommunications Minister Sukh Ram, to discuss the expanding trade relationship between the United States and India and ways to continue opening markets and breaking down commercial barriers. Following this meeting, the Secretary delivered remarks to the U.S. Commercial Alliance Conference Plenary Session, discussing the details of the Alliance. Later that day he participated in specific sectoral workshops, including power, communications, infrastructure, food processing, and finance, with members of the delegation and Indian private sector leaders to discuss ways of improving business links within these sectors.

A Meeting With

Prime Minister Rao

The following day, Secretary Brown met with India's Prime Minister P.V. Narasimba Rao. They met privately before being joined in a larger meeting by the CEOS and senior government representatives accompanying Secretary Brown on the mission.

"I am most pleased with the accomplishments of the mission so far," Secretary Brown said. "Yesterday, Commerce Minister Mukherjee and I signed the U.S.-India Commercial Alliance, creating a framework of cooperation between our countries' private sectors. Our delegation also witnessed over $1.4 billion in private sector transactions in the telecommunications and power sectors. Today we expect to announce $2.6 billion of additional transactions," he said. "I'd like to emphasize that Prime Minister Rao's bold vision of a more open Indian economy, and the courageous reforms he has implemented, have laid the groundwork for our successes today. President Clinton and I commend his leadership, and support his efforts as the United States and India continue to build a stronger commercial relationship."