Maharashtra inks pact with USIBC to promote biz cooperation

Maharashtra and the US-India Business Council (USIBC) on Tuesday signed a pact to promote the state as an investment destination for American companies.

The state is aiming to become a USD 1-trillion economy by 2025 and this partnership aims to support the state to achieve its industrial growth targets, a statement from the state government said.

The agreement aims to deepen commercial opportunities between American businesses and Maharashtra by encouraging collaboration with American industry. As part of this, the USIBC offices in Washington, San Francisco, New Delhi and Mumbai will function as Maharashtra investment centers.

The state's nodal industrial development agency Midc will facilitate trade and investments through sharing information, promoting ease of doing business, and seamless investor interactions.

"Investors/companies across the world should be aware of Maharashtra as the destination for business opportunity-- this why it's important to have a partners like USIBC promoting investment in state from across the US.

"We invite US firms to engage and partner with us across all sectors while the state transforms itself into the nation's logistics hub, by creating smart cities and smart infrastructure, integrating cyber-security with cyber- policing, and innovating with new fin-tech centers," chief minister Devendra Fadnavis was quoted in the statement.

"American businesses pumped in over USD 50 billion into the country in 2018, and Maharashtra leads all the states for US investments. This agreement will focus on the state's priority industrial sector, identify the next steps for Maharashtra-United States engagement on the trade and commercial front," USIBC president Nisha Biswal said.