Bangalore: Despite positive signs, the
American economy still has a long way to go before the
"recovery translated to growth on a sustained basis", Frank
Wisner, former US ambassador to India, said here on Friday.
"We have a long recovery in front of us", Wisner told
reporters after a panel discussion with Indian business
leaders on investment opportunities in the US.
He, however, clarified these were his own personal
opinions and not reflective of the US government.
The relatively slow recovery in economy is going to have
some international impact, he said after a round table
discussion on the state of US-India relations and economic
opportunity organised by Indo-American Chamber of Commerce.
The conference was hosted by Fairfax County Economic
Development Authority and Washington-based law firm Patton
Boggs Limited. Wisener is the senior foreign affairs adviser
of Patton Boggs.
A medium term recovery with better numbers was expected
in 2010-11 before "we see serious growth in 2012", he said.
According to Wisner, the economic meltdown has been one
of the most "shaking events" which will go down in history as
one of the worst crisis that the US had faced after the great
Depression.
The high rate of unemployment was bound to have political
and economic consequences, he said, adding that the President
(Barack Obama) and his administration are addressing it
through large fiscal stimulus which will continue to impact in
the year ahead.
On US being open to Indian players investing there, Wisner
said US government was open in terms of welcoming business
expansion and keeping barriers for investment and trade as low
as possible and ensuring there were no impediments.
"We welcome Indian investment in US in all sectors. We
will be pleased to have you. It will be a case of two hands
scratching each other's back", he said.
Wisner said he expected that with Indian companies investing
in the US, there would be opportunities for generating high
quality paying jobs in limited numbers as these would require
high tech capabilities.
It would also result in synergies of technologies between
Indian and US partners and the methodology of doing business.
To a question on the anti-Indian sentiment working in the
US and hampering the interest of Indian players wishing to
invest in US, he disagreed: "it is more a natural reaction to
tough economic times and competition from abroad", he said.
The general sentiment was why the US government could not
defend the jobs of US citizens and their right to work.
He said though there had been outburst by individuals, it
did not capture the national mindset. He said there was no
federal or state legislation limiting migration of jobs.
The possibility of job creations in the US if Indian
companies set their offices in the US, was reflective of the
fact that "jobs don't have to move just in one direction".
On business opportunities in the US given the slow
recovery, Wisner said though there had been sluggishness in
the macro economy,there were several pockets of growth and
micro sector opportunities.
Stressing on the Indo-US relationship, he said India was
very important to the US when it comes to economic growth,
peace in South Asia which included Pakistan and Afghanistan.
Bureau Report