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Clinton's visit seen a turning point in Indo-US trade ties

Investment, trade to form twin foundations
NEW DELHI. Mar 15: Investment and trade arc expected to form the twin foundations of a new Indo-US relationship forged during President Bill Clintons visit to India next week, reports AFP.
Dlsha Banerjee, regional secretary of the Indo-American Chamber of Commerce, said Clinton's visit — the first in 22 years by a US president — would boost investment across the board and unleash "the inherent synergy" between US and Indian economies.
"We believe that Clinton s visit will lay a genuine emphasis on trade and investment which holds the key to a better Indo-US relationship." Banerjee said.
Traditionally distant relations between Washington and New Delhi nosedived following India's nuclear tests in May 1998. The United States responded with economic sanctions. which have since been partially lifted.
"India attracts barely 10 per cent of the foreign direct investment that flows from the US to China every year. But things may finally change with this visit." Banerjee said.
According to the US Embassy here, the value of US investment In India at the end of 1998 was estimated at four billion dollars, more than double the 1.8 billion dollars in 1996.
New Delhi has set Itself a target of Increasing foreign investment to 10 billion dollars annually.
US firms say they will use Clinton's visit to focus on market access for US companies. Over 50 corporate bosses from IBM. General Motors, General Electric. Morgan Stanley. Enron Power, and Boeing will tour India with the president.
"This is quite an opportunity to ring things to a higher plane." US-Indla Business Council director Michael Clark said recently In Washington.
The United States is also
keen to hold talks with India on civil aviation policies to spur air traffic between the two countries.
Alan Larson. US Under Secretary of State for Economic. Business and Agricultural Affairs. told the Confederation of Indian Industries (Cll) that Washington was looking forward to an "open skies” agreement with India.
India deregulated the aviation sector while launching sweeping free-market reforms tn 1991. prompting some 20 private firms to compete with state-owned domestic carrier Indian Airlines.
But it still does not allow foreign airlines to hold equity In its aviation sector.
Several agreements will be signed during Clinton's visit.
The most high-profile contracts is likely to be inked between the southern state of Andhra Pradesh and a US consortium for building a new
technology city.
Andhra Pradesh has offered 50.000 acres (20,000 hectares) of land for the project, which is expected to take 10 years to construct at a cost of nearly 12 billion dollars.
Clinton will visit Hyderabad. the state capital of Andhra Pradesh and one of India's new breed of "cybercities" on March 24, the fourth day of his five-day state visit here.
Flour Daniel. BellCan. Lehman Brothers and Environmental Chemical Corp are part of the US consortium that will finance the project.
The Inclusion of an Information technology hub like Hyderabad in the president's itinerary is significant, according to Richard Haas, director of foreign policy at the US thinktank Brookings Institution.
But some US companies are concerned that contracts alone are not enough If India falls to reform Its protectionist foreign trade regime.