US rolls out red carpet to investors with innovative Federal support schemes

Chennai:

United States is inviting and facilitating business investment in the country with no bar on sectors and without any threshold limit, Barry Johnson, Executive Director, SelectUSA, US Department of Commerce, said here on Monday.

In order to help the investors, the US is doing a cluster mapping of the country, identifying areas of industry, supply chain, research and development centers, infrastructure  facility and others, Johnson said.

Interacting with the members of the Confederation of Indian Industry (CII), he said the US Government did not prioritize sectors but do specify the characteristics – like high growth areas, knowledge economy, value-added production, engaging and employing skills. Investments are open to all sectors especially, IT, renewable energy, transportation, aviation, pharmaceuticals, everything green and things with global demand and for exports.

The fall in the share of the  global foreign direct investment (FDI) in the US from 25 per cent a decade ago to 12.3 per cent had been a wake-up call for the country to the importance of the impact of FDI on the national economy, he said.

Hence the US set up a Federal investment promotional office to make the country a premier destination of industrial capital, Johnson said.