NRIs account for 25% of new business ventures in US

Speaking during an event in Ahmedabad, Camille Richardson, commercial consul, US Consulate General, said of all new business ventures started by immigrants in the US, NRIs account for 25%, of which 50% are by Gujarati NRIs. Richardson who was in the city to promote President Obama's initiative, the 'SelectUSA Investment Summit' to be held in Washington in March, said India is a priority country for the US and Gujarat is a priority state, and the US wants to be India's best partner. Currently the total investment by Indian companies in the US is around $11 billion and these companies provide employment to 44,000 Americans. The focus of the second edition of the Select USA Summit will be small and medium enterprises (SMEs). 60 delegates from India are expected to be among 2500 delegates from across 70 countries. To promote SMEs and provide them opportunities to do business in the US, the US-India Investors' Forum will also sign an MoU with the Gujarat Chamber of Commerce and Industry to help them set up businesses in the US.