US Ambassador to India Sergio Gor has called for a collaborative effort between India and the United States to resolve existing economic 'friction points.' Speaking at the Indo-American Chamber of Commerce (IACC), Gor underscored the importance of predictable taxation, clear regulatory frameworks, and strong intellectual property (IP) protections to foster a more robust investment environment.
Addressing Economic Friction Points
Ambassador Gor identified several key areas requiring attention, including taxation, regulatory consistency, export controls, technology transfer, and the safeguarding of intellectual property. He stated, "We must address friction points together as true partners." Gor stressed that predictable taxation and regulatory clarity are essential for businesses to thrive, while trust-based engagement is critical for managing export controls and technology flows.
The ambassador highlighted that enhanced protections would instill confidence in companies, encouraging them to invest, innovate, and expand without apprehension. "Stronger protections would give companies confidence to invest, create, and scale without fear," he noted.
Building Trust and Protecting IP
Gor acknowledged that concerns about intellectual property theft in India are sometimes raised by international companies. However, he affirmed the US's trust in India's commitment to IP protection. "Quite often I meet companies from around the world that ask me, 'My IP has been stolen. I want to move my company to India. Is it safe here?'" Gor recounted. "And resoundingly, our answer has been yes because we do trust India."
As evidence of this trust, Gor cited the fact that the United States sources approximately 40% of its generic pharmaceuticals from India. He also pointed to unprecedented levels of energy cooperation, with US LNG and LPG imports and exports to India increasing by 40% from the previous year.
Surging Trade and Future Ambitions
The Ambassador highlighted the significant growth in India-US trade, which has surged from roughly $20 billion to over $240 billion in just over two decades. He revealed an ambitious target for bilateral trade in goods and services: $500 billion by 2030. "Our shared ambition of reaching 500 billion in bilateral trade by 2030 reflects the sheer scale of the opportunity in front of us," Gor stated, describing the potential as "unmatched."
Both nations are actively collaborating across diverse sectors, including artificial intelligence (AI), technology, aerospace, defense, and energy. Gor concluded by emphasizing the strategic benefits of this partnership: "Simply put, when the United States and India work together, we integrate value chains, accelerate breakthroughs in critical technologies, and strengthen supply chain resilience."