August 23, 2006	Wednesday	Rajab 27, 1427

WASHINGTON, Aug 22: As many as 200 American companies are expected to participate in the largest ever US trade delegation to India later this year. The delegation being set up by the US commerce department will be in India from Nov 29 to Dec 5 and will visit Mumbai, New Delhi, Bangalore, Hyderabad, Chennai and Kolkata.

Officials at the commerce department said the delegation would explore opportunities for doing business with India and would also inspect the Indian market.

Under Secretary for International Trade Franklin L. Lavin will lead the delegation. The officials said that 125 companies had already confirmed their participation and they expected to enlist as many as 200 US companies for this tour.

“The initiative will serve as the capstone of a year of successful activities conducted under the auspices of the US-India Commercial Dialogue, honouring the commitment of President Bush and Prime Minister Manmohan Singh to revitalise bilateral trade discussions,” the department said in its mission statement.

A flier posted on the department's website notes that US companies have the chance to make or increase sales in this booming market by joining the US department of commerce's international trade administration business development mission to India. It also asks prospective participants whether their companies have an India strategy.

“India is the world's fastest growing free-market democracy and presents lucrative opportunities for all types of businesses, especially for the US companies,” the department said.

In 2005, US merchandise exports to India were almost $8 billion, close to double the figure for 2002. The statement notes that India's infrastructure, transportation, energy, environment, healthcare, high-tech, and defence sector requirements for equipment and services will exceed tens of billions of dollars in the mid-term, as its economy globalises and expands.

India's gross domestic product, currently growing at over eight per cent annually, makes it one of the fastest growing large economies in the world. Construction of nearly everything from airports to container ports to teleports is setting the stage to remake India, the department points out.

“India's entrepreneurs and technologists have the dynamism and knowledge to make their country a global economic power,” the statement reads. “While high tariffs and poor infrastructure present the biggest obstacles to foreign investment and growth, India's infrastructure requirements also present trade and investment opportunities for the American companies.”