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US-India trade ties can help ease global supply chain crisis.
Jul 14, 2022
India can play a key role in helping global economies manage the supply chain crisis and help the US diversify its economic partnerships, a US state department official said in Chennai on Tuesday.
Dilawar Syed, the US state department's Special Representative for Commercial and Business Affairs, TOI that India can play a big role in plugging the gaps in emerging areas such as semiconductor production, pharma R&D and renewable energy. 'Some large iconic companies based in the Silicon Valley are thinking about sourcing their semiconductor production [from] here,' Syed said. Among other causes, Russia's invasion of Ukraine was wreaking havoc on supply chains, he noted, causing energy insecurity, food insecurity. 'Around 83 ships and 2 million tonnes of grains are stuck in Black Sea due to Russia's blockade,'he said. Syed is in Chennai as part of his ongoing visit to Bangladesh, India, and Pakistan to build commercial and economic ties in the region. In the 75th year of the US' diplomatic relationship with India, he said they specifically picked Chennai for the visit to highlight new-age sectors often overlooked. He has been meeting startups, members of academia and other US and Indian businesspersons in Tamil Nadu to discuss areas of partnership.
He said he was specifically impressed by his visit to the TICEL biopark (a facility developed by the Tamilnadu Industrial Development Corporation Limited (TIDCO) in association with TIDEL Park) for pharma and biotech R&D and believes Silicon Valley's biotech sector could benefit by collaborating with such entities here. He also stressed on creating an enabling environment for large and small US companies to operate in India. 'Protection of IP [intellectual property] is a key focus area for us and we have communicated that feedback to the government here,' he said.
The official has a private sector career spanning over two decades. He was CEO at Lumiata, and earlier was the president of Chennai-born Freshworks. 'I am personally very excited about the SaaS industry here in India and Chennai. Global products are being built in India and that's great for India and Chennai, which is emerging as the SaaS capital of India,' he added.
timesofindia.indiatimes.com
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