Rajnath invites US defence firms to set up JV in India
NEW DEKHI,APRIL 22: With growing strategic and defence ties between the two countries, Defence Minister Rajnath Singh on Thursday invited US defence manufacturing companies to set up joint ventures and carry out research and development facilities in India.
He urged the US companies to take advantage of the policy initiatives taken by Prime Minister Narendra Modi-led government in India in deefence manufacturing to achieve the vision of ‘Make in India, Make for the World’. India and the US have a growing convergence of strategic interests and both sides seek a resilient and rules-based international order that safeguards the sovereignty and territorial integrity of all countries, Rajnath said.
He also said the recent India-US ‘2+2’ dialogue and fruitful conversation between Prime Minister Narendra Modi and President Joe Biden have created the ground for a more ambitious and strategic engagement between the two sides.
He made these points here while addressing the members of American Chamber of Commerce in India (AMCHAM India) through video conferencing during its 30th annual general meeting.
Rajnath invited the US companies for co-production, co-development, investment promotion and development of maintenance repair and overhaul facilities in India.
He listed out a number of initiatives taken by the government to facilitate partnerships between major Original Equipment Manufacturer (OEMs) and Indian companies.
Rajnath pointed out that the US companies have not only been a source of Foreign Direct Investment(FDI)and employment in India, but are also contributing to India’s defence exports, totalling around $2.5 billion to US in last five years. He said it is 35 per cent of total exports achieved during the period.
He termed the recently held 2+2 dialogue as positive and fruitful, saying the defence sector is a strong and growing pillar of the bilateral relationship.
The defence minister emphasised on the need to move from a buyer-seller relationship to one of partner nations and business partners. India and the US are uniquely poised to leverage each other’s strengths for a mutually beneficial and bright future, he said.The AMCHAM-India is an association of American business organisations operating in India. Established in 1992, AMCHAM has over 400 US companies as members. The principal objectives include promotion of activities that would encourage and stimulate investment by US companies in India and increasing bilateral trade.
-PNS
