WASHINGTON: Foreign direct investment from India to the United States was approximately USD 16.4 billion, which supported about 70,800 jobs, a senior US official said.
Addressing a CII India Reception on the sidelines of the SelectUSA Investment Summit at National Harbour in Maryland on Monday evening, US Deputy Undersecretary (Policy and International Trade Administration) in the Department of Commerce, Brandon Remington, said Indian firms also spent USD 330 million on research and development in America.
“We are pleased to welcome your investment from India. According to available cumulative data, the total stock of foreign direct investment from India to the United States was approximately USD 16.4 billion, which supported approximately 70,800 jobs, USD 313 million in research and development spending and USD 1.5 billion worth of exports,” Remington said, without any reference to the period under review.
A CII report released in 2023 had pegged Indian investments in the US in the range of USD 40 billion, which had led to the creation of 4.25 lakh jobs.
According to the ‘Indian Roots, American Soil’ report released by CII in 2023, Indian companies invested USD one billion in US-based research and development projects and also contributed USD 195 million to corporate social responsibility projects.
Last week, India’s Sun Pharmaceutical Industries Ltd announced a USD 12 billion deal to acquire New Jersey-based Organon & Co.
Nearly a dozen Indian companies are scheduled to make fresh investment announcements at the SelectUSA Investment Summit on Tuesday.
Delaware Governor Matt Meyer, Guam Governor Loun Leon Guerrero, Maryland Lt Governor Aruna Miller and a host of US officials and business leaders attended the CII India reception at National Harbour.
“Indian companies are also making a growing contribution to the US economy, bringing in capital, supporting jobs, strengthening supply chains, and contributing to communities across states,” Namgya Khampa, Deputy Chief of Mission in the Indian Embassy here, said.
She said in areas like advanced manufacturing, pharmaceuticals, energy, and many more sectors, Indian companies were supporting hundreds of thousands of jobs across the US, including in the Maryland-DC area.
According to the CII report, the top three states with the most reported FDI from Indian companies were Texas (USD 9.8 billion), Georgia (USD 7.5 billion) and New Jersey (USD 4.2 billion).