Fri, Oct 21, 2016 | updated 05:59 AM IST

USIBC hosts roundtable conference over 'Ease of Doing Business in Defense Sector'

Updated: Aug 31, 2016 16:11 IST

New Delhi [India], Aug 31 (ANI): The US-India Business Council (USIBC) hosted a roundtable between the Indian Minister of Defense, Manohar Parrikar and senior executives of American aerospace and defense companies, where in Manohar Parrikar was also provided a report with recommendations on Ease of Doing Business in India's defense sector.

"We are pleased to present the Minister with a report on practical steps that can be taken to improve ease of doing defense business in India. Our members are keen to pursue joint American and Indian private sector partnerships to support Prime Minister Modi's forward- leaning defense procurement reforms. Our recommendations aim to expand investment flow into India's defense sector," said President USIBC, Mukesh Aghi.

This year the Obama administration recognized India as a 'Major Defense Partner' and committed to 'facilitating technology sharing with India to a level commensurate with that of [America's] closest allies and partners.'

Legislation introduced by Republican elected officials that expresses a similar position is currently being considered by the US Congress, which demonstrates unprecedented American political support for the US-India defense partnership.

Participants at the USIBC roundtable discussed ways of integrating India into the global supply chain and facilitating the export of defense goods and technologies.

"We have only begun to see the results that come from combining the experience and expertise of the worlds' leading aerospace providers with remarkable engineering capability and intellectual talent in one of the world's fastest growing economies," said Marc Allen, president Boeing International.

Minister Parrikar's work to create a larger and more robust Indian defense industrial base has spurred substantial increases in U.S. investments and partnerships in India.

"Lockheed Martin is proud of the manufacturing work by our Joint Ventures in India to produce major components of helicopters and transport aircraft that are used around the world. We are working to grow our partnerships even further to support the Make in India initiative. We are excited about the continuing reforms under the leadership of PM Modi and Minister Parrikar that will help to realize the tremendous potential of India's defense industry," noted John C. Rood, Senior Vice President, Lockheed Martin International. (ANI)