Saturday, May 26, 2018 | ePaper

India moving forward to become major destination for FDI

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PTI, Washington :
India, with a young skilled work force, high growth rate and deregulation being undertaken by the government, is set to become an important destination for foreign investment, a former top US trade official has said.
"With the young skilled work force, its growth rate that is going to surpass China for the coming years as well as the market opening and deregulation undertaken by Prime Minister Narendra Modi will make this a really important destination for foreign investment," Wendy Cutler, who was the Acting Deputy US Trade Representative under Obama administration told a Washington audience yesterday.
Speaking at a panel discussion on the occasion of launch of Foreign Direct Investment (FDI) Confidence Index, Cutler said, India under Modi has emerged as among the favourite destinations for foreign investors.
For the second consecutive year, India appears in top 10 of the index. This year, it was placed at eighth spot as against ninth last year.
China has slipped to the third spot. Germany has now become the second top destination in the FDI Confidence Index after the US, which takes the fifth spot for the fifth year in a row.
"Five of the top 10 countries are from Asia. There is a lot of optimism about investment opportunities in Asia, not only among Asian but also global investors as well. Clearly China and India seems to be the cause of this lot of optimism.
India moved eighth on the index," she said.
Cutler said the optimism about investment in China "does not seem to be in line from what we are hearing" from not only the US business community but also the European business community as well.
In her previous stint in the United States Trade Representative, she was responsible for the Trans-Pacific Partnership agreement (TPP), US China trade relations and US India Trade Policy Forum.
"The investment climate is getting worse in China.
Companies are facing a lot of restrictions in China,  hether it be licensing or approval process or favourable treatment of domestic competitors or requirements to share technology. We are hearing from our companies that their optimism is declining," Cutler said.

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