The HTCG was initiated in November 2002 under the Atal Bihari Vajpayee government to stimulate high-technology commerce between the two countries. "The government of India has identified 25 key sectors in which India has the potential of becoming a world leader as a part of the 'Make in India' programme. This includes sectors such as aviation, biotechnology, chemical, pharmaceuticals and defence manufacturing amongst others," Sujatha Singh said.
"I hope that the US industry will take advantage of these recent policy changes and set up manufacturing units in these high-end sectors. The High Technology Cooperation Group is a step in this direction," she said. Eric L. Hirschhorn, under secretary for the Bureau of Industry and Security in the US Department of Commerce, said India and the US have much in common.
"Our partnership in export controls and strategic trade is critical to enhancing this strategic relationship for three reasons," he said.
"First, it helps fulfil our common national security interests. Second, it demonstrates a willingness to work together on export control issues that affect global non-proliferation and homeland security. Lastly, it addresses our shared economic partnership," he said, according to a Ficci statement. He said the strategic relationship was further reinforced by the sharing of common values -- "our democracy, our diversity our entrepreneurial spirit and most important, our unshakable commitment to working together to build a better future." Hirschhorn said working together, the two countries were establishing a normalised business environment in which trade can grow. "Now it is time for the two business communities to make expanded cooperation through trade a reality. The government-to-government relationship has and will continue to facilitate expanded trade ties, but it is up to you - Indian and US importers and exporters - to construct the edifice. "The success or failure of this endeavour depends above all on commercial relationships," he said. "India and the US form a natural partnership for expanding trade and prosperity based on our shared values. Our two countries have diverse and talented populations, entrepreneurial skills and deep and growing technological cooperation. "These synergies, which are based on deep rooted and common values, offer endless opportunities for increased trade and economic development," he added.
Ficci president Sidharth Birla said the India-US trade trajectory hovers at $100 billion. The global high technology market is currently estimated to be between $800 billion and $1 trillion and growing at five percent anually.
USIBC's acting president Dianne Farell said that in the aftermath of Modi's successful visit to the US, the HTCG dialogue represents an opportunity for increased communication between the private sector and the government and was a strategic step toward greater bilateral investment between these two important trading partners and global technology leaders.