There are vast opportunities for bilateral trade between India and the United States, said John Peters, counselor, commercial affairs of US Commercial Services in India.
He was addressing an interactive session with members of the trade and industry in Ahmedabad on Monday.
Peters, who has been recently appointed counselor at the US Commercial Services of India, has been visiting major cities of the country to assess the economic situation and explore opportunities for business ties between the Indian and US companies.
Peters said there are about 24 million companies in the United States and they do 68 per cent of their business with Canada and Mexico.
Other business partners for the US companies are Japan and Korea about 14,000 shiploads go to Japan and 7,000 shiploads go to Korea every year.
"Compared to these countries, trade with India is low and this needs to be boosted," he said.
At present, India's exports to the US are pegged at around $12 billion, while US imports to India are around $5 billion, thus the balance of payment is in favour of India, he said.
Regarding export funding, Peters said there are around 8,000 banks in the US but they do not provide adequate funds for exports.
Replying to a query on foreign direct investment in India, Peters clarified that this is a very complex issue as there is a big difference between proposed investments and the investment already made.
Pointing out that FDI inflows into the US had decreased by around 80 per cent in the last one year, he said, in this changed scenario, US companies will not hesitate to invest in India.
Other issues that were discussed at the meeting included infrastructure facilities and development, labour productivity and labour unrest, and government policies on several sectors.
GCCI president Mahendra Shah said there were numerous opportunities for bilateral trade between the two countries, especially in items like diamond, jewellery, textiles, footwear, leather products and information technology.
