US welcomes efforts by Indian FM to address investment concerns

Washington, July 14: US Treasury Secy Jacob Lew has welcomed Finance Min P Chidambaram's efforts to address concerns about investment climate in India and invited him for the US-India Economic and Financial Partnership meeting in US this fall.

Chidambaram, who ended his four day US visit on Friday, held detailed meetings with Lew and the US Trade Representative Mike Froman on Friday.

The Indian Minister also expressed concern over the proposed immigration law that would affect the interest of Indian software companies.

"Secretary Lew welcomed Finance Minister Chidambaram's efforts to engage with US investors in Washington this week, and he encouraged the Indian government to continue to implement economic reforms that will further deepen our bilateral trade and investment relationship," the Department of Treasury said in a readout of the meeting.

Lew consulted with Chidambaram on economic conditions in India and the US, and on policy priorities for the 19th -20th July meeting of G-20 finance ministers and central bank governors.

Froman on his part welcomed Chidambaram's efforts to address concerns about the investment climate in India, including through proposed reforms to lift foreign direct investment restrictions.

"Froman underscored the importance of avoiding policies that disadvantage foreign goods and services, and reiterated the United States' welcoming of news that India's Preferential Market Access Policy is to be reviewed and modified," the readout said.

"They discussed the value of strengthening cooperation between the United States and India on strategic economic issues, including through a potential US-India Bilateral Investment Treaty," it said.

During his stay in Washington for the last four days, Chidambaram met a number of US lawmakers and a host of representatives and executives of the American businesses.

He left for India late Friday night. Earlier in the day he attended the US India CEOs FORUM meeting at the Foggy Bottom headquarters of the State Department.

"The CEO Forum reviewed our very robust public-private cooperation in support of that and how we can further enhance US-India economic engagement, including how our governments can expand opportunities for our private sectors in trade, investment, and innovation," the State Department spokesperson, Jen Psaki, told reporters at her daily news conference.

The US-India CEO Forum is a key element in the broad US-India economic engagement, following up on our conversations at the 24th June Strategic Dialogue, she added.