Why Indian American entrepreneurs are key to Indo-US relations

Strong, gusty winds and inclement weather reminiscent of a damp and dreary London evening, did not deter over 100 of the Washington, DC area's top notch entrepreneurs from flocking to hear Indian Ambassador Nirupama Rao expound on the catalytic role Indian American entrepreneurs could continue to play to further solidify the US-India strategic partnership.

Rao, addressing the Washington chapter of The Indus Entrepreneurs at the Top of the Town reception and conference centre in Arlington, Virginia Wednesday, said, "The Indus Entrepreneurs represents a new dynamic frontier to the US, in fact to the whole world, of innovative technologies, entrepreneurship, wealth and job creation across several countries and States where Indus Entrepreneurs are present."

Speaking on 'India and the US: Partners in an Innovation and Technology Driven World," Rao told the audience, "Your role and contributions assume greater salience considering that increasingly the principal drivers of global economic growth and new opportunities are to be found in Asia."

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"It is also in this context that one gets a clearer sense of enormous socio-economic transformation that is underway in India, how it is permeating through the Asian region and opportunities it offer for expanding India-US partnership," she added.

Rao said, "Today, the India-US partnership is set to become, in President Obama's words, one of the defining relationships of the 21st century. Our economic partnership is expanding, defined by mutual benefit. Our bilateral trade is growing rapidly and investment links are expanding. Just as US has partnered in India's development; Indian businesses have invested substantially in the US economy, creating jobs and prosperity here."

She argued that she was convinced that "developments in India's economy, especially the combination of our policy approaches and the strength of Indian market; its growing middle class; rapid urbanisation and skilled human resources would offer concrete business opportunities for the Indian and the US companies to co-innovate."

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Rao said for example, "In Biotechnology, our companies can work together to find innovative means for providing access to affordable and safe healthcare in both countries by harnessing mutual synergies."

"India, which has long been recognised as a leading producer of high quality generic drugs, is well on the way to establishing itself as a hub for clinical research and trial, which could significantly reduce the lab-to-market time for US companies."

Thus, Rao said, "India offers huge opportunities for research collaboration to provide solutions through cost competitiveness and innovative drug discovery capabilities," and added: "Indian companies can also offer solutions for healthcare IT, which could be useful to the US in implementing its healthcare reform."

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"It is our hope that the India-US Technology Partnership would result in a dynamic network of technological collaborations across the globe, stretching from labs to factories as Indian and American scientists and experts work together to find novel technologies that revolutionise the way we address global issues like climate change, security, energy availability and public health," she said.

Rao said that the "India-US strategic partnership should be driven by a vibrant science and technology eco-system, where through co-investment and co-innovation we address the priority needs of both the nations and generate global common goods."

"We should aim for a seamless India-US partnership; where jobs in India support employment opportunities in the United States; research in the US saves lives in India; technology here underpins development in India; and growing Indian demand promotes jobs and businesses here," she said.

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Rao pointed out, "In fact, such a partnership is already evolving. A large number of US companies have already established strong partnerships with Indian companies and academic institutions and have set up research and technology centres in India to enhance their competitiveness in the global market. They are demonstrating how India-US technological engagement can contribute to the economic transformation in India, create business opportunities in the US and help US companies to innovate to retain their competitive edge."

In this regard, she said, "My confidence in the future of our relationship comes in no small measure from the unique asset that we have in the form of a vibrant and dynamic Indian American community."

Rao pointed out that "the scientists of Indian origin have been making stellar contribution in the pursuit of scientific accomplishments to improve the well being of the people and to the scientific progress of humankind."

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She said, "A few days ago, we lost one such visionary scientist of Indian origin, Nobel Laureate Dr Har Gobind Khorana, whose seminal work on deciphering the universal genetic code and in the area of synthetic biology will continue to inspire young scientists across the world."

Rao also noted that "a few weeks back, President Obama named twelve eminent researchers and innovators as recipients of the National Medal of Science and National Medal of Technology and Innovation - the highest honour bestowed by the United States government on scientists, engineers, and inventors. We feel proud that three of them are of Indian origin."

She predicted that "the valuable contribution of the Indian American community, I am confident, will continue to be an indispensable part of India-US partnership and in advancing friendship and cooperation between our two peoples."