Talks on investment pact to resume

Sanjeev Sharma

Tribune News Service

New Delhi, January 25

Underlining the growing importance of economic ties between India and the US, PM Narendra Modi today said the improvement in economies of the two countries is leading to optimism.

Modi said: “President Obama and I agree that a strong and growing economic relationship is vital to the success of our strategic partnership. Economic growth in our countries is becoming stronger. Our business climate is improving. This makes me optimistic about our economic ties.”

With growth in India and US improving, it will create more opportunities for investment. India is projected to surpass China in GDP growth as per IMF projections and Obama in his recent State of the Union address had talked of the turnaround in the US economy saying that “the shadow of crisis has passed”.

The PM said the two countries had established effective bilateral mechanisms to identify opportunities and help businesses trade and invest.

Forward movement is expected on a bilateral investment treaty and agreement on IT professionals in the US. “We will also resume our dialogue on Bilateral Investment Treaty. We will discuss a Social Security Agreement that is so important for the hundreds of thousands of Indian professionals working in the US,” the PM said.

As a follow up to the joint statement during Modi’s visit to the US in September for developing Ajmer, Allahabad and Vishakhapatnam as smart cities, the US Trade and Development Agency (USTDA) today signed three Memorandums of Understanding on cooperation to support the development of these three smart cities.