RICHMOND - Governor Timothy M. Kaine and a delegation of more than 100 Virginia business and government leaders will participate April 22-28 on a trade mission to New Delhi, Chennai and Mumbai, India. Governor Kaine is scheduled to depart Sunday, April 15, for Japan and Hong Kong where he will conduct a series of confidential business recruitment meetings prior to joining the delegation.
“I’m encouraged by the large number of Virginia companies joining me in this aggressive outreach effort to the Indian business community,” said Governor Kaine. “We believe India will provide Virginia businesses with tremendous opportunities for growth. We have a focused mission ahead of us, and I look forward to what is sure to be a successful outcome.”
The trade mission will focus on five industry sectors, including global logistics, agriculture, infrastructure, technology, and research and development. India is the world’s tenth largest economy and the world’s largest democracy with more than one billion people.
India’s electronics industry, valued at $38.5 billion, has grown 37 percent annually in the last 10 years. The information technology industry has also experienced record growth of more than 42 percent from 1995 to 2002. U.S. exports to India via Virginia reached $93.46 million in 2006, an annual increase of 16 percent. Industrial and electrical machinery were the number one and two export sectors, respectively, relegating coal to fourth place at $7.32 million.
As of September 2006, Indian companies have invested $49 million in Virginia. Virginia’s state and local economic development agencies have assisted 24 Indian companies with the establishment of operations in Virginia. From 2002 to 2006, Virginia projects accounted for 5 percent of Indian foreign direct investment announced in the United States, 23 percent of announced employment, and 16 percent of announced investment.
The Virginia delegation will participate in several activities to advance commerce, including meetings with business leaders with the Federation of Indian Chambers of Commerce and Industry, the Confederation of Indian Industry and the U.S. – India Business Alliance. Virginia Deputy Secretary of Agriculture and Forestry William P. Dickinson is scheduled to meet with India Ministry of Agriculture officials to discuss reopening the Indian market for Virginia agricultural products. Governor Kaine will also address Indian companies during an “Invest in Virginia USA” seminar in Mumbai. The seminar, sponsored by the Virginia Economic Development Partnership, Virginia Port Authority, Fairfax County Economic Development Authority, Greater Richmond Partnership, Inc. and Hampton Roads Economic Development Alliance, will present the advantages and opportunities that Virginia offers to Indian firms seeking to grow in the United States.
Private-sector participants will pay their own expenses and fees. The trip will be Governor Kaine’s third international trade mission. The Governor previously conducted missions to Canada and Europe.