VA: US state seeks Indian investment in IT, energy

16 Nov, 2011, 04.17PM IST, PTI
US state seeks Indian investment in IT, energy

MUMBAI: Soliciting Indians investment in plastics, information technology, energy and advance manufacturing sectors, the US state of Virginia has announced cash incentives to enterprises instead of tax benefits, a top official said here Wednesday.

Virginia Governor Bob McDonnel said Indian companies and investors would get cash incentives based on the capital investment and actual number of jobs created in the state.

Owing to its location and ready-made talent pool, Virginia is the IT industry leader in the US which will continue as a trend with the current business synergies of an ideal location with a vast transportation and a highly skilled talent pool required by IT enterprises.

Besides IT, Virginia is also focusing its growth in advanced manufacturing and aerospace projects, McDonnel added.

McDonnel, currently in Mumbai on a fortnight-long mission to create job and marketing opportunities from India, also announced the setting up of representatives offices in Mumbai, New Delhi and Bangalore.

"India is a very valuable market for Virginia which exported nearly $293.7 million in goods to India during 2010. As one of the world's fastest growing economies, India is a key player in the global marketplace," McDonnell said.

With Virginia's representation in India, McDonnell said the doors will open further to build a strong economic relationship with India and help create more jobs and opportunities for Virginians.

Besides 31 of Fortune 1000 firms headquartered in Virginia, Indian conglomerates like the Tata Group and the Essel Group have already cemented a significant presence there.

McDonnell expressed hope that his delegation's visit would garner more interest among potential Indian companies to set up operations and benefit from a slew of incentives and attractive schemes - targets being plastics, advanced manufacturing, IT and energy.

The governor and the Virginia Economic Development Partnership officials are also scheduled to meet corporate leaders and business associations to enlighten them on the merits of Virginia as a preferred destination for investment.

The high-powered business delegation led by McDonnell includes Sandesara Group senior vice president Danny Patel who dwelt on the strategic business and geographical location of Virginia.

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