Business News This Week
The Greater Houston Partnership (the Partnership) joined Indo-American Chamber of Commerce (IACC) Secretary General Ranjana Khanna at the PHD House in New Delhi to sign a Memorandum of Understanding (MOU) to facilitate the exchange of information and promote partnerships between the greater Houston, Texas region and India. The meeting concludes a one-week trade and investment mission by Houston delegates to Mumbai and Delhi.
As the primary vehicle for economic development in the greater Houston region, the Partnership led the mission alongside Mayor Annise Parker, which also included Houston business leaders in energy, aviation and engineering, as well as international trade and foreign investment. The Houston delegates included representatives from the IACC of Greater Houston (IACCGH); the Port of Houston Authority; and Houston-based businesses – Isani Consultants L.P., KBR, Universal Weather and Aviation, Gunda Corporation LLC, The Asset Management Consultants, Strategic Infrastructure, Emediscript Inc./Vishal Consultancy, Telco Intercontinental Corp. and Geotest Engineering, Inc.
“The timing of a Houston business delegation traveling to India aligns well with that country’s efforts to open trade and investment opportunities with the U.S. and to establish greater economic ties between the two nations,” said Bob Pertierra, Senior Vice President of Economic Development, GHP. “As the fourth largest city in America, Houston offers a diversified and dynamic economy; a port that is the leader in foreign tonnage; and growth industries that positively mirror India’s sectors including an energy industry that leads the world.”
IACCGH President Ashok Garg added, “Recent estimates indicate that the Indian GDP will grow at a rate of eight to nine percent in the coming years. This makes it an ideal place for businesses to grow, especially those that already have operations in India.”
“I want to thank the Greater Houston Partnership and the Indo-American Chamber of Commerce for their help in putting this trade mission together,” said Mayor Parker. “We will continue to reap the benefits of their hard work well into the future as the relationships initiated this week develop further. We accomplished our goal of strengthening the already strong ties that exist between Houston and India.”
IACCGH Founding Secretary and Executive Director Jagdip Ahluwalia also thanked Consul General of India to Houston Parvathaneni Harish for arranging a series of meaningful meetings for the delegation.
The Houston visit to Mumbai included a briefing by the U.S. Consulate General, followed by meetings with the mayor of Mumbai and key business leaders in energy and engineering. The Houston delegates also presented on investment opportunities to members of the IACC, Asia Society and World Trade Center in Mumbai.
In New Delhi since Thursday, the Houston delegation has met with several high-level officials, including the ministers of Civil Aviation and Petroleum and Natural Gas. Houston has earned the title “Energy Capital of the World” because of its large concentration of oil, gas and renewable energy companies. Meanwhile, the Houston Airport System is the fifth busiest gateway for U.S.-Indian air cargo trade.
The New Delhi program, which also included an “Invest in Houston” seminar and meetings with U.S. Ambassador Richard Verma and other key officials, concludes today. The delegation will meet this morning at the IACC Delhi offices to sign the MOU on trade and investment and hold an open discussion about opportunities in energy, medical, engineering and construction.
Bobby Singh, principal at Isani Consultants L.P. said in regard to the mission, "Houston is a diverse, immigrant friendly city where Indo-Americans like myself share in the city's success and we have a mayor who recognizes the importance of nurturing those international ties.”
Houston and India share extensive business, trade and cultural ties. Houston, ranked the most diverse city in the United States, is home to over 100,000 people of Indian-origin, and has more than 700 companies that do business with India. Houston serves as headquarters to as many as 26 Fortune 500 companies and home to the Texas Medical Center – the world’s largest.
Trade between Houston and India has more than quadrupled since 2004 and totaled $4.7 billion in 2014. The Houston/Galveston Customs District ranks as India’s third largest U.S. gateway for international trade by value. India is sixth among Houston’s Asian trading partners and 16th among Houston’s trading partners worldwide.
For more information on business and trade opportunities in Houston, visit www.houston.org.
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