India is the regional geographic anchor and world’s fastest-growing economy
Monitoring Desk: The Principal Deputy Assistant Secretary, Bureau of South and Central Asian Affairs Richard E. Hoagland has said that India is the regional geographic anchor and world’s fastest-growing economy
Addressing at Washington International Business Council, he was of the view that US was expanding cooperation to India not just because India is the region’s geographic anchor, and not just because it’s the world’s fastest-growing major economy, but because it’s a country with which US shared many core values and many common interests.
He indicated that US relationship with India had blossomed since last year’s election of Prime Minister Modi.
“President Obama’s most recent visit to India in January was historic not just for its symbolism, but also for its substance, especially for our strategic partnership, our security cooperation, our economic relationship, and our clean-energy and environmental goals”, he added.
He mentioned that liberalization of India’s investment regime could double U.S. investment into the country, and India could use the technology, expertise, and capital that US companies have to offer.
However he indicated that US companies also needed transparency, predictability, and legal certainty so there was still a lot on to-do list.
“Along with those successes, we announced a Joint Strategic Vision for the Asia-Pacific and Indian Ocean Region. The initiative joins together our “rebalance: to Asia with India’s own “Act East” policy, which Prime Minister Modi has strengthened. In that joint-vision document, India went so far as to affirm the importance of freedom of navigation and overflight in the South China Sea, which, as I’m sure you’ve noticed, has been making a number of headlines lately. Sharing a vision with India for the region is no small thing, and it sends a very strong and important message to any country that might seek to upend international norms and rules”. He added.