Cabinet for Economic Development
Governor Beshear to Make Economic Development Trip to India
Seven-day trip will mark first visit to India by a Kentucky Governor
FRANKFORT, Ky. (Oct. 14, 2010) – In a strategic effort to increase both trade and investment opportunities between Kentucky and one of the world’s fastest growing economies, Gov. Steve Beshear will depart this Friday for a seven-day economic development trip to India. The trip will be the first to India by a sitting Kentucky Governor and is intended to showcase the unlimited opportunities Kentucky offers to Indian investors and to connect with key Indian and U.S. business organizations.
“Exploring new trade opportunities in fast-emerging international markets such as India is an important element of expanding Kentucky companies and growing jobs from within,” said Gov. Beshear. “Kentucky is a prime location for Indian companies seeking U.S. locations for future investment. I am looking forward to opening the door to future collaborations between Kentucky and India.”
Accompanying the Governor will be First Lady Jane Beshear and Economic Development Secretary Larry Hayes. The Kentucky delegation will travel to New Delhi and Mumbai Oct. 15-21, where they will meet with key government officials, including former India President Dr. A.P.J. Abdul Kalam, major business organizations including the Federation of Indian Chambers of Commerce and Industry (FICCI) and the National Association of Software and Service Companies (NASSCOM).
Additionally, the Governor will participate in a roundtable discussion with several U.S. companies currently operating in India, as well as meeting individually with companies actively considering future investments in the United States.
Gov. Beshear was invited to India by NASSCOM, the premier trade body and the chamber of commerce of the information technology industries in India. NASSCOM, which is a nonprofit organization that facilitates business and trade in software and services and encourages advancement of research in software technology, is sponsoring the trip. NASSCOM’s president, Som Mittal, is a former executive of Hewlett Packard.
India today represents one of the fastest growing economies in the world and is a leading trade and economic partner for the United States. India’s gross domestic product grew by 112 percent between 2003 and 2008. U.S. exports to India reached $16.4 billion in 2009, an increase of more than 169 percent since 2004. Kentucky’s exports to India grew more than 252 percent to $96.5 million over the same period.
There is also strong potential for Indian investment in Kentucky. In 2007, Indian investors owned gross property, plant and equipment assets worth nearly $1.45 billion in the United States, up from $134 million in 2002. There are currently six Indian-owned companies in Kentucky, employing more than 1,500 people.
Last year, Gov. Beshear announced Kentucky’s most recent Indian investment, the location of Kentucky Copper, a subsidiary of Chandra Proteco. Kentucky Copper, which is located in Morgantown, manufactures products used in power transformers, energy transmission and distribution applications, as well as high-speed trains and employs 106 people. Gov. Beshear will meet with executives from Chandra Proteco during the visit to further build upon the relationship that has been established through this investment.
“Indian companies are aggressively seeking to expand and diversify manufacturing capabilities and Kentucky represents an ideal location, workforce and overall business climate to support their growth,” said Gov. Beshear. “It is my goal to showcase the many business advantages Kentucky has to offer and to relay that Kentucky welcomes trade and investment opportunities.”
Kentucky is currently home to nearly 400 international companies, representing 30 countries and more than 72,000 employees. For more information regarding the state’s international trade and recruitment efforts, visit www.ThinkKentucky.com.