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US Firms Show Interest In Moving Operations To India From China Amid Tariffs

By Staff

Around 200 American companies that have been affected by the Trump's tariff plans on Chinese imports have expressed interest in switching their operations from China to India, according to an IANS report citing Mukesh Aghi, the president of US-India Strategic Partnership Forum (USISPF).

US Firms Show Interest In Moving Operations To India From China Amid Tariffs

During an interactive session at Tamil Nadu Chief Minister K. Palaniswami's meeting with investors, Aghi said that the USISPF had received queries from companies on how to invest in India and these companies hold a potential of bringing investments worth $21 billion into the country.

USISPF is an organisation that promotes business and trade relations between the US and India.

Amid concerns of the US-China trade dispute, protection of intellectual property and restrictions in doing business, US companies have been seeking alternative locations, including Thailand, India and Vietnam. This is also a way to expand their business while avoiding tariffs.

At the meet, US Ambassador to India, Frank Wisner, advised the attendees that inorder to get those companies to Tamil Nadu, the centre will have to make changes in labour laws to make conditions of workers easy, create a reliable tax system, allow easier land acquisition and make the financial sector stronger to fuel investment.

He added that it was the state's responsibility to help interested companies get land clearance and other permits needed from the Centre. He also said that the state will have to provide the necessary educational and health infrastructure for the workforce as well as managerial talent.

Read more about: us china trade war trump us china
Story first published: Wednesday, September 4, 2019, 13:41 [IST]
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