Cabinet for Economic Development
Governor Beshear Returns from Successful Economic Development Trip to India
Governor sees significant potential for trade and investment opportunities between the Commonwealth and one of the
fastest growing economies in the world
FRANKFORT, Ky. (Oct. 26, 2010) –Gov. Steve Beshear and First Lady Jane Beshear, along with Economic Development Cabinet Secretary Larry Hayes, returned Friday optimistic about a successful, seven-day economic development trip to India. The delegation visited New Delhi and Mumbai last week as part of the state’s first official visit to the country.
The Governor, First Lady and Secretary Hayes were 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, sponsored the trip.
The delegation met with key government officials and business organizations, as well as several companies that have or are considering future investments in the United States, including Chandra Proteco and Mahindra & Mahindra Ltd.
“As Governor of Kentucky, it is my goal to strengthen our state’s ties with the world and to send a clear message that Kentucky is open for business,” said Gov. Beshear. “This visit was just the beginning of what can and will be a strong and ongoing partnership with India, built on mutual goals to increase bilateral trade and foreign direct investment opportunities. I feel confident that we will be in a position to announce new jobs and investment for Kentucky in the next several months as a result of this trip.”
While in India, Gov. Beshear touted the state’s history as a primary destination for international investment. Nearly 400 international companies, representing 30 countries and more than 72,000 employees, have operations in the state. Six of those companies are Indian-owned, representing more than 1,500 employees and a near $150 million investment.
“Our relationships with the hundreds of international companies that have chosen to do business in Kentucky are a testament to the fact that the Commonwealth offers numerous business advantages and an inviting business climate,” added Gov. Beshear. “I believe we can develop the same kind of mutually beneficial relationship with India’s business community as the one we have built with Japan over the last few decades.”
Kentucky announced its first Japanese-owned manufacturing investment in December 1984, and has since grown to be the home of 146 Japanese-owned facilities across the Commonwealth, employing nearly 33,000 people.
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.
For more information on the state’s economic development recruitment and international trade efforts visit www.ThinkKentucky.com.