Ahead of the G20 finance meetings in Asheville, America has hinted at deepening economic ties with India. In this sequence, the Treasury Department is ready to help Indian companies understand the US national security review process.
Welcoming investment discussion considering India as an important partner
Assistant Secretary of the Treasury Chris Pilkerton said he sees an opportunity to meet with Indian officials and companies to explore potential collaboration avenues through the Committee on Foreign Investment in the United States (CFIUS) process. Describing India as an important partner, he mentioned the good relations between the two countries.
Pilkerton explained that the Committee on Foreign Investment in the United States (CFIUS) reviews foreign investments on national security grounds. It is not biased towards the country of source of capital and assesses each case individually. About 90 percent of the deals get approved. In some cases the green light is given after measures have been implemented to address security risks.
American economy benefits from foreign investment
The official said approved foreign investments drive economic growth in American communities, expand employment and create new opportunities for local businesses. Together with colleagues and partners, he is emphasizing on increasing investment opportunities not only in new technologies but also in other areas. Despite the Trump administration’s ‘America First’ policy, Pilkerton said it does not mean America is alone. Washington looks forward to working with partner countries to advance mutual initiatives.
Development, supply chain and technology will be the focus in G20 meetings
Global growth, trade imbalances, stronger supply chains and investment are expected to be discussed at the Asheville meetings. Pilkerton avoided predicting any specific economic outcome for India, but described economic growth as important in every respect. US officials are eager to talk to the Indian delegation. The meetings will also keep an eye on areas like Artificial Intelligence, Quantum Technology, Hypersonics, Biotechnology and Space Economy.
Washington seeks to promote secure cooperation with partners while avoiding dual use of sensitive technologies. India and the US have strengthened economic-strategic ties in recent years. Cooperation in critical and emerging technologies, secure supply chains and partnership in high-tech sectors remain a priority for both the countries.
