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U.S. pledges 4 bln USD to enhance trade with India in 2 years

Xinhua, January 27, 2015 Adjust font size:

The United States has pledged 4 billion U.S. dollars to enhance trade with India over the next two years, scaling new heights in bilateral trade relations.

Visiting U.S. President Barack Obama announced 4 billion U.S. dollars in government-backed investments and lending to India at a joint address with Prime Minister Narendra Modi to a gathering of 50-odd top business leaders in the national capital late in Monday evening.

Over the next two years, the Export Import Bank will support 1 billion U.S. dollars 'Made In America' goods exports to India, Obama announced, adding that the Overseas Private Investment Corporation will support lending small and medium businesses across India in more than 1 billion U.S. dollars in loans and the U.S. Trade and Development Agency will invest 2 billion U.S. dollars in renewable energy in India.

"The United States is ready to help India grow by working with it in development of infrastructure like railways, ports, roads and clean energy power plants," said Obama.

At the same time, the U.S. president spoke of too many barriers to doing business in India, though he appreciated Modi's efforts to cut red tape. "There are still too many barriers, hoops to jump through. We hear this consistently," he said.

Though the Indian prime minister did not announce any specific investment, but he assured of a business-friendly environment.

"You will find environment that is not only open, but also welcoming. We will guide you and walk with you in projects. You will find a climate that encourages investment and rewards enterprise. It will nurture innovation and protect your intellectual property," Modi said.

"You will find a tax regime that is predictable and competitive. We have removed some of the excesses of the past. We will now address the remaining uncertainties," he promised.

Asserting his government's thrust to make it easy to do business in India, Modi said the Prime Minister's Office would monitor all big projects "to ensure they are complete in time." Endi