US remains a prime source of investment

New Delhi, Nov 8 (PTI) India's Finance Minister Pranab
Mukherjee Monday said the US remains a prime source of
investment and an important trading partner for India.
"Economic policy, finance and trade constitute important
planks of our bilateral relations. For us, the US remains a
prime source of investment, technology and an important
trading partner," Mukherjee said while addressing a Indo-US
CEOs forum meeting here.
The meeting has been organised against the backdrop of
the visit of US President Barack Obama.
"As we make efforts to increase investment in
infrastructure, and give a fresh impetus to the manufacturing
sector, the importance of our partnership with the US will
increase," Mukherjee said.
This mutually beneficial engagement would stimulate
innovation, spur job creation, and promote sustainable and
inclusive growth in both countries, he added.
The Finance Minster also said the bilateral investment
treaty that is being negotiated with the US will improve flow
of investment from America.
"We are currently negotiating a bilateral investment
treaty (with the US) and are committed to take further
initiatives that will contribute to creating a more conducive
environment for investment flows", Mukherjee said.
Highlighting that India has emerged as an attractive
global investment destination, he said, infrastructure sector
alone requires investment of USD 514 billion for the 11th Plan
(2007-08 to 2011-12). Almost 30 per cent of this investment is
envisaged to come from private sources.
For the 12th Five Year plan (2012-13 to 2016-17), the
investment in infrastructure is envisaged at USD 1 trillion,
he said, adding, this magnitude of investment would require
innovative modes of financing.
The meeting was attended by Treasury Secretary Timothy
Geithner, Commerce Secretary Gary Locke, Agriculture Secretary
Thomas Vilsack from US side, and Commerce and Industry
Minister Anand Sharma, Deputy Chairman, Planning Commission
Montek Singh Ahluwalia, from Indian side among others.
Besides, CEOs of different US and Indian companies were
part of the Forum.
Earlier in the day, Geithner met Mukherjee and discussed
ways of deepening economic ties and re-balancing global
growth.
The two Ministers are understood to have discussed the
cooperation at the G-20 forum, which would lead the economies
worldwide to the higher growth terrain.
They also discussed technical cooperation on capital
markets, infrastructure finance, and anti-money laundering and
combating the financing of terrorism.