NEW DELHI--(BUSINESS WIRE)--On the sidelines of U.S. Secretary of Defense Chuck Hagel’s visit to India, the U.S.-India Business Council (USIBC) convened several high-level industry meetings to clarify and implement the Defense Trade and Technology Initiative (DTTI). USIBC also met with key stakeholders in the Secretary's delegation.
The industry group hosted the Honorable Frank Kendall, Department of Defense Under Secretary for Acquisition, Technology, and Logistics, who is the U.S. co-chair of this important initiative which offers new areas for cooperation geared towards enhancing bilateral defense trade and technology transfer.
During Secretary Hagel's visit, Minister Arun Jaitley announced India's Ministry of Defence counterpart to the DTTI, which will be filled by the position of Secretary, Defense Production in India's Ministry of Defence.
"Secretary Hagel's visit marks an exciting new chapter in not only our bilateral strategic relationship, but in laying the foundation for greater defense industrial cooperation," said Diane Farrell, USIBC Acting President. "The net benefit of the DTTI will be felt on both sides, with American companies eager to partner more closely with Indian industry while harnessing India's vast manufacturing, research, engineering, and knowledge base," Farrell said.
During the Secretary's visit, defense industrial cooperation was featured significantly on the agenda of both Governments. USIBC will continue to support both U.S. and Indian stakeholders across Government and industry alike, and congratulates Secretary Hagel, Defense Minister Jaitley, and the new co-chairs of the Defense Trade and Technology Initiative on a successful visit.
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 300 of the top-tier U.S. and Indian companies. Ajay Banga, President & CEO of MasterCard, is USIBC's Chairman.