New Delhi: India-US trade is expected to grow to USD 100 billion within around three years as Indian companies are strengthening their presence in the US across many sectors.

“I expect the trade between both the sides to reach around USD 100 billion within two-three years time,” said Indo-American Chamber of Commerce (IACC) president Gautam Mahajan.

The trade volumes would increase due to the growth of several sectors like food processing, education and infrastructure, he said.
According to Mahajan, corporate India, which is making its presence strong in the US, is also expected to invest around USD 10 billion in the next five years to start green field projects in sectors such as manufacturing and services.

“Apart from trade, the other rising sector in the bilateral business is that of Indian investments going to the US, which could be around USD 8 billion to USD 10 billion in the next five years. This is a new trend altogether because earlier Indian corporates used to buy established companies and now they are going for greenfield projects,” he added.

Mahajan was also excited about the IACC's upcoming chapter in New York which is set to be inaugurated on May 25.

“This new chapter will add impetus to business and trade between both sides,” he said.

Around 75 representatives of various companies across sectors would participate in the Summit for US-India Trade and Economics (SUITE) 2011 from the Indian side, he said.

IACC was established in 1968 and currently has 11 chapters across India with 2,600 Indian and American companies as members.

(Agencies)