US President Barack Obama pledged US$4 billion in investments and loans to India, saying the world’s largest democracies must unlock the “untapped potential” in their business and strategic partnership.
Obama made the pledge during a visit to New Delhi, where he was the guest of honor at India’s annual Republic Day parade on Monday, Reuters reported.
India currently accounts for only 2 percent of US imports and one percent of its exports, the US president said, calling for increased business and economic cooperation between the two countries.
“We are moving in the right direction … That said, we also know that the US-India relationship is defined by so much untapped potential,” Obama told a gathering of Indian and US business leaders. “Everyone here will agree, we’ve got to do better.”
The US Export-Import Bank will finance US$1 billion in exports of ‘Made-in-America’ products, while the US Overseas Private Investment Corporation will lend US$1 billion to small- and medium-sized enterprises in rural areas of India, Obama said.
In other initiatives, the US Trade and Development Agency will offer US$2 billion assistance for renewable energy projects, he said.
Indian Prime Minister Narendra Modi, on his part, vowed to do more to eliminate the country’s notorious red tape and make it one of the world’s easiest places for business, the report said.
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