Consulate General of India Chicago
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“Illinois Resources & Expansion Opportunities in India” February 24, 2022
The Consulate General of India, Chicago in partnership with Illinois Manufacturer’s Association (IMA), Confederation of Indian Industry (CII) and Illinois Department of Commerce & Economic Opportunity (IDCEO), organized a webinar titled “Illinois Resources & Expansion Opportunities in India” today. The webinar was anchored by Mr. Gordy Hulten, COO of IMA. Ms Shuchita Sonalika, Director and Head – North America, Confederation of Indian Industry (CII) welcomed all the partner organizations and the participants.
Consul General Amit Kumar addressed the participants providing a brief overview of India-US relations, state of Indian economy, priorities in the union budget, PLI schemes to strengthen the manufacturing sector and to position India as an active player in the global supply chains. He also dwelt on the potential synergies for greater economic and commercial engagement between India and Illinois, particularly in the manufacturing, EVs, life sciences, pharma and medical devices, food processing sectors etc.
Mr. Mark Denzler, President & CEO, Illinois Manufacturer’s Association, in his address mentioned that Illinois key industries have been agriculture, manufacturing and mining. Chemicals, machinery, and marine products are amongst the top imports from India. He highlighted the important role of the manufacturing sector during Covid crisis in Illinois.
Mr Piruz Khambatta, Chairman and Managing Director of Rasna International, focused his remarks on the food processing sector in India, referring, interalia to increased government support, cultural diversity of Indian food, need to augment farmers’ income, PLI schemes in cereals, horticulture crops, MSME and organic food. All these factors make India the most conducive country for investment and JVs in this sector
Ms. Margo Markopoulos, Deputy Director, Illinois Department of Commerce & Economic Opportunity, Office of Trade & Investment highlighted Illinois strengths with 2000 foreign based firms with 82 of them being Indian companies employing at least 7500
Illinois people. She highlighted the fact that Illinois is home to 37 Fortune 500 companies and is the 18th largest economy in the world.
The India-US bilateral trade in goods in 2021 crossed the US$ 100 billion market for the first time and finished at US$ 113 billion. This represents a jump of 22% over 2019 figures. The bilateral trade in goods with Illinois for the first time crossed the 3 billion market and registered a growth of 26% to reach 3.9% billion dollars.
The two countries have also seen significant two-way investment flows. While US investment in India is well known, Indian companies over the years have also invested more than 22 billion dollars in the US economy creating jobs, adding economic value and advancing innovation.
Most of the Fortune 500 companies and many more from Illinois are present in India. Over 80 companies from India are present in Illinois including top IT and technology companies as well as several companies in the manufacturing sector. Our effort is to bring together more medium sized industry from India and Illinois together.
The event saw participation of over 75 attendees.
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Chicago,
24 February 2022
