NEW YORK--(BUSINESS WIRE)--India’s Finance Minister, the Honorable P. Chidambaram, met with investors today at a private interaction hosted by the U.S.-India Business Council (USIBC) as part of the Minister’s week-long North America investor “road show,” aimed at attracting foreign direct investment (FDI) at a time when the country needs it most. India currently holds a record high current account deficit and FDI could be the key to closing that gap.
The off-the-record lunch meeting convened top global industry leaders to discuss with the Finance Minister the opportunities that exist in India and candidly addressed some of the challenges companies face in the market which affects investor sentiment. Topics of conversation included infrastructure, retail, agriculture, life sciences, financial services, legal services, and real estate.
“Global industry wants India to succeed. India will succeed. I know this past year has caused a lot of concern, but this year is over and by elections we will achieve our ambitious economic agenda," said Finance Minister Chidambaram.
“We commend Minister Chidambaram for his leadership during these complex times. The American business community continues to look to India as a partner in the global economy ripe with investment opportunities. My colleagues and I remain committed to working collaboratively with Government of India and Indian industry to identify innovative solutions to India’s challenges,” said USIBC Chairman Ajay Banga, President & CEO, MasterCard.
The intimate gathering reflected combined assets of more than $2 trillion. Participants included former USIBC Board Chairpersons: Indra Nooyi, CEO, PepsiCo Inc; Frank Wisner, Foreign Affairs Advisor, Patton Boggs, and former U.S. Ambassador to India; Chip Kaye, Co-President, Warburg Pincus; and Harold McGraw III, Chairman, President, and CEO, The McGraw Hill Companies. Also in attendance were Lloyd Blankfein, CEO, Goldman Sachs; Jay Fishman, CEO, The Travelers Companies; Doug DeVos, President, Amway; Olivier Brandicourt, President of Emerging Markets, Pfizer; John Hele, CFO, MetLife; Jacques Tapiero, President of Emerging Markets, Eli Lily; Peter Kellogg, CFO, Merck; and Henri Courpron, CEO, ILFC, among others.
The U.S.-India Business Council was formed in 1975 at the request of the United States and Indian governments to advance two-way trade and deepen commercial ties. Today, USIBC is the premier business advocacy association comprised of nearly 400 of America’s and India’s top companies dedicated to enhancing the U.S.-India commercial relationship.