NEW YORK: The credit turmoil that has affected the world economic markets has not slowed enthusiasm for US investment in India, or Indian investment in the US, by taking measure of the enthusiasm by which K.V. Kamath, the Confederation of Indian Industry's (CII's) new President was greeted by the US-India Business Council Board of Directors at the heart of the US economy, in New York City, June 24.

CII's senior leadership and USIBC's leadership discussed the ways to remove barriers and enhance investment in both economies. Speaking about the recent Goldman Sachs' report, titled "Ten Things for India to Achieve its 2050 Potential", former USIBC Chairman, Charles "Chip" Kaye, Co-President of Warburg Pincus and the largest US private equity investor in India, focused on how US firms could be helpful in raising the educational achievement in India and increasing the quality and quantity of universities.

CII's leadership seeks to encourage programs in India to raise educational standards and to work towards policy changes that will enable leading foreign universities to become established in India, either by developing an Indian campus or tying up with local entities that already exist. Kaye also stated, "Keeping in view the economic downturn, and projections that India may not mobilize the expected foreign direct investment where it is needed most in infrastructure, the sentiment here in New York remains favorable. USIBC's role in the coming year must be to make investors aware of opportunities in India for investment in India's soft and hard infrastructure.

To that end, we are planning a 'Green India' Summit on October 15 in Washington with CII to showcase the numerous opportunities for investment in India, matching these with America's best environmental technologies."Ambassador Frank Wisner, who served in India as US Ambassador from 1993-1997 said, "As we sort through the financial turmoil that has affected the world markets, and as both our countries prepare for national elections, we must engage in constructive work that will lay a foundation upon which we can build a durable relationship for decades to come.

"K. V. Kamath, President, CII, stated that "the economic downturn offers both our establishments the opportunity to harmonize structures and regulations that will ensure that investing in one another's economies becomes easier and more robust as we look ahead to a promising and bright future.

"Support for Indo-US Bilateral Investment TreatyFollowing the New York event, Kamath attended yet another USIBC-CII organized event in Washington D.C. on June 25, where he pledged support for the Bilateral Investment Treaty between the US and India.The USIBC shared with its partner organization in India -- the CII -- its proposed work-plan for 2008-2009, which includes pursuit of a Bilateral Investment Treaty between the two countries.

Former Deputy US Trade Representative, Ambassador Susan Esserman, a member of the USIBC Board of Directors, presented a compelling case to the visiting CII Delegation on how a Bilateral Investment Treaty between the US and India will enhance greater investment flows to both countries.

Under Secretary for International Affairs at the US Department of Treasury, David McCormick, underscored the importance of such a bilateral agreement, highlighting that investment between the US and China is almost 10 times greater than the amount between the U.S. and India. "An Investment Treaty with India," said Under Secretary David McCormick, "is another important rope - among many - connecting two ships heading in the same direction that have common interests and converging economic ties.

"Kamath, was joined by an Executive CEO delegation from India including Gopal Srinivasan, TVS Capital Funds; Hari Bhartia, Jubilant Organosy; Syamal Gupta, Tata International; Rajan Navani, Jetline Group of Companies; Harpal Singh, Ranbaxy Laboratories; Jignesh Shah, Financial Technologies India; and Chandrajit Bannerjee, CII. Kamath, in his maiden trip to the US as CII's President, offered observations on the current economic landscape, noting the significant challenges both countries face in light of the global economic slowdown. Kamath expressed optimism for the US-India relationship, noting that many areas are ripe for greater collaboration, including "skilling improvements and education."

CII is India's leading business association, comprised of thousands of Indian companies. The CII leadership is making courtesy calls during this visit to the United States to assess the state of the US economy and US investor enthusiasm and interest in India.The USIBC, formed in 1975 at the request of the Government of India and the U.S. Government, is the premier business advocacy organization representing 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies.

The USIBC recently celebrated its 33rd Anniversary "Global Partnership" Summit in Washington, D.C. Indra Nooyi, USIBC's new chairman, plans on launching a USIBC Executive Mission to India in late September of this year.