Bilateral trade between US and India has the potential to touch US$ 500 billion over the next five years, US consul general in Hyderabad Jennifer Larson said here on Thursday.
Speaking at a session on ‘Global Alliances: Strengthening Economic Bridges’ organised by the FICCI Ladies Organisation (FLO), Larson said sectors that could see increased cooperation include pharma, IT, defence manufacturing, multi-brand retail, among others.
She said nearly 200 US companies have a presence in Hyderabad and this number is only expected to go up further. Apart from business ties, Larson said education too is a top priority area as about US$ 9 billion is contributed annually to the US economy by Indian students.
She said the number of Indians studying in the US is increasing by the year with 40% of Indian students in America are now Telugu, which is also the fastest-growing language in the USA.
British deputy high commissioner for Telangana & AP Gareth Owen said India is the UK’s 12th largest trade partner, which they want to strengthen to the 10th position. He too pointed out that UK is an educational destination for many Indian students with about 1.3 lakh of them currently studying there.
Denise Eaton, trade & investment commissioner for Austrade in South Asia, said India and Australia are natural partners, with Australia strong in critical minerals and India a fast developing battery manufacturing market. FLO chairperson Priya Gazdar said bilateral trade between India and US has grown nearly time times since 2001 to US$200 billion in 2023.