News / Asia

US Trade Mission Visits India

A trade mission from the United States is in India to explore the potential of a market where a buoyant economy and a growing middle class have American companies looking to take advantage of a huge business opportunity.  

Representatives from 15 U.S. companies visited the financial hub, Mumbai and the southern IT hub, Hyderabad before coming to New Delhi to scout for franchise partners for their businesses.

They include popular food chains like Denny’s, Wendy’s, Pollo Tropical and Johnny Rockets as well as electronics retailer RadioShack and Wonderworks amusement parks.   

The companies are here as part of the first-ever franchising trade mission from the U.S. to India.

The U.S. Assistant Secretary of Commerce for Manufacturing and Services, Nicole Y. Lamb-Hale, who is leading the mission, says India is ready for a boom in franchising . The franchise market in India is estimated at $3.3 billion and growing at about 30 percent annually.  

Lamb-Hale says besides providing new opportunities for American businesses, the entry of new U.S. companies will also benefit local businessmen.  

"The thing that is really nice about it is that it is great for Indian entrepreneurs, because they have a proven business concept, they can benefit from technology transfer and best practices, and have their own businesses and adapt it to the Indian market, so it is really a nice win-win situation to create jobs here and create jobs in the U.S.," she said.

The growing economy has given India's middle class more disposable income to spend on services, entertainment and food. To tap the potential of this growing market in a country of 1.2 billion people, some companies, like Denny’s Corporation, plan to begin operations as early as next year.

Lamb-Hale is also talking to Indian officials about easing foreign investment restrictions.  At the moment India caps foreign investment in single brand retail at 51 percent, and bars foreign ownership in multi-brand retail. Washington has also been urging New Delhi to relax investment restrictions in the insurance sector.      

Lamb-Hale says such restrictions can be restrictive for some businesses, but is optimistic about some changes.   

"Each company is going to have its own perspective, but certainly investment caps like that may make the market for some businesses less attractive, and I think the government of India has expressed a willingness to listen to that and I think in some areas some easing may come about," she said.

American officials say relaxing foreign investment restrictions will give fresh momentum to bilateral trade, which is about $48 billion. The trade mission in India is part of a U.S. government initiative to double exports in five years and create jobs in the U.S.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Christmas Gains Popularity in Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid