Tuesday, September 25, 2012

Pennsylvania has more than 5,811 foreign owned businesses: Mr. David Briel, CDI

The Federation of Andhra Pradesh Chambers of Commerce & Industry in association with Center for Direct Investment, PA Department of Community & Economic Development, Office of International Business Development, Commonwealth of Pennsylvania, USA organized an Seminar on “Pennsylvania: Your Gateway to North America” on September 24, 2012 at Federation House, Red Hills, Hyderabad. Mr. David Briel, Executive Director, Center for Direct Investment (CDI), PA Department of Community & Economic Development, Office of International Business Development and Commonwealth of Pennsylvania, USA was the Chief Guest for this occasion.

Mr. Devendra Surana, President, FAPCCI, Ms. Sushama Kanetkar, Authorized Representative Director of the Commonwealth of Pennsylvania Department of Community and Economic Development, Bangalore, Mr. Shyam Sunder Pasari, Chairman, International Trade Relations Committee, Mr. M.V. Rajeshwara Rao, Secretary General, FAPCCI were the other speakers at the occasion.

Mr. Devendra Surana said in his welcome address is that the Andhra Pradesh is India's fourth largest State gets much of its revenues from the Services sector and Agriculture.  Andhra Pradesh ranks second in India in terms of mineral wealth.  Our State has well-developed social, physical and industrial infrastructure and virtual connectivity, It has emerged as a key state for the knowledge-based industry including IT, Pharmaceuticals and Biotechnology.  Over 70 of the 500 top global corporations are present in the State.  

Investment opportunities are abundant specifically in the manufacturing sector which includes food processing, floriculture, agro processing, petrochemicals, metals, textiles, leather, mining, transport equipment, telecom and so on.  The infrastructure sector is rife with opportunities, be it the areas of power, ports, roads, bridges, telecom facilities, development of coasts, waterways… Financial services, R&D and Tourism, particularly medical tourism, offer plenty of scope for investment.  I request you to kindly impress upon the Pennsylvanian Businessmen and invite them to our State for exploring the business opportunities Mr. Surana said.

Mr. David Briel, Executive Director, CDI, Commonwealth of Pennsylvania said the Pennsylvania has already become a favored business base for more than 5,811 foreign owned business, 1,374 industries with 2,53,655 supporting staff and is the best connectivity with the key markets of the US and Canada. Well-endowed with a an extensive highway system modern freight railroad system and three major ports providing access to the Atlantic Ocean, Great Lakes and Gulf of Mexico and six international airports moving enormous cargo and passengers. India itself has a significant presence with a variety of investors in manufacturing and services operating from the State with very high employment opportunities. The key sectors where the US State distinguishes with opportunities are energy, food processing, biotechnology and aerospace.

Mr. Briel said India's significant economic strength has yet to be understood by many US states and CDI's mission was to understand the country as well as impress upon its investors to discern Pennsylvania's advantages for investments. Pennsylvania's economy is characterized by a different sectoral strength consisting of industrial manufacturing, advanced technologies and service business.

The US national universities to complement the readymade input source of education for industrial development, the State with a well- planned economic stimulus packages has emerged as one of the strongest economies of the world. The robust economy with a Gross State Product at $569.8 million has been attracting large foreign direct investments from various countries, including United Kingdom, Japan and Germany providing Indian investors a wide variety of opportunities and markets.

Ms. Sushama Kanetkar, Authorized Representative Director of the Commonwealth of  Pennsylvania Department of Community and Economic Development, Bangalore said powered by a team of investment specialists in Harrisburg, the Capital of Pennsylvania, and with ten authorized foreign investment representatives around the world, including one located in Bangalore for India, Pennsylvania has become a compelling investment attraction for many an investor. 

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