"Biden urges closer cooperation with India’s business elite" by Neha Thirani Bagri | New York Times, July 25, 2013
MUMBAI, India — Vice President Joe Biden urged India’s financial elite to seize on the chance to bolster ties with the United States to benefit both nations in areas such as the economy and environment.
“I would ask you to consider the historic opportunity that we have here,” Biden said Wednesday, speaking to a packed room at the Bombay Stock Exchange in India’s financial capital. “Imagine what our two countries can achieve together, not only for one another but for the economic and political stability of the region.”
This is about countering China and Pakistan.
In a speech peppered with colorful rhetoric, Biden identified four areas of importance: improving economic exchange, addressing climate change, collaborating in defense matters, and addressing India’s role in the Asia-Pacific region.
What did I just say?
His speech comes as the United States tilts its focus in the region more toward India in part to counterbalance China’s rise but also because of Washington’s increasingly problematic relationship with its longtime military ally Pakistan, India’s principal foe.
What did I just say?
In the course of Biden’s two-day visit he is expected to meet with leading industrialists and businesspeople and attend an event at the Indian Institute of Technology before flying to Singapore on Thursday.
Thanks for helping out with the greenhouse gases, Joe.
During his speech at the Bombay Stock Exchange, Biden extolled the need for greater ease in doing business and called for further economic reforms, highlighting the frustrations many US businesses have had as they have sought to tap India’s huge consumer market.
“India is no longer an economic island and will continue to rise,” Biden said as he extolled the growth of the country since its economy was opened up in 1991. “However, significant challenges and problems persist. It is time we take this relationship to a new level to achieve our shared vision.”
Biden said that among the obstacles to a friendly business environment are the lack of protection for intellectual property, inconsistent tax rules, and protectionist policies. He called for a trade and investment partnership that is open and fair to both countries.
Addressing the US immigration bill that would limit the number of foreign workers allowed into the United States, Biden said that the number of visas granted has increased. He added that bilateral trade between India and the United States has grown fivefold over the last 13 years, reaching nearly $100 billion this year, and can increase if both countries make the right choices.
We are helping them build nuclear power plants.
India has introduced many economic reforms since September 2012, reducing the restrictions for foreign investment, but US officials believe the changes are not enough.
I wonder how many people are sick of U.S. bitching?
While India’s strong market of 1.2 billion people has attracted several global companies, the country has proved to be a challenging business environment for many. The deep-seated corruption, bureaucratic red tape, and convoluted and ever-changing government regulations have led many companies to complain about India’s difficult investment climate.
Then why are all the call centers located there now??
Building on Secretary of State John F. Kerry’s recent visit, Biden urged India to address the challenges posed by climate change and begin working toward cleaner energy options.
Related: Carbon Tax Coming to Massachusetts
Kerry didn't mention the floods on his visit?
“Unless development is sustainable, the consequences of climate change will seriously undermine the economic progress made by India and risk the very health of the people of the country,” he said, suggesting that the countries reduce the use of hydrofluorocarbons and work on green technology.
Related: The New York Times Foul Fart Mist
He also pushed for an increased security partnership.
“There is no contradiction between strategic autonomy and a strategic partnership.”
Biden’s visit to India is the first by a vice president in almost three decades.
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