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SUITE
2009 in
New York
A two-day conference
- SUITE 2009 (Summit
for Indo-US Trade
& Economics),
organized by the
Indo-American Chamber
of Commerce (IACC)
on 10 and 11 September
2009 at the Doubletree
Metropolitan Hotel,
in New York was
a huge success.
It was a remarkable
effort since it
was the first attempt
for this Mumbai-based
organization to
hold such an event
in the heart of
Manhattan. Considering
the role of the
organization, it
is easy to appreciate
that such an event
should be organized
at least once a
year in the US.
Now that we are
planning to hold
an annual Conference
in Delhi every year
the Indo-US summit,
the US event fits
in beautifully with
our overall strategy
of being equally
visible in both
the countries. Such
a strategy will
go a long way in
improving the visibility
index of the organization.
In this background,
the event was a
success not merely
as a curtain-raiser
but an important
event in its own
right.
About 50 delegates
from India and another
32 from the US participated
in the conference.
The event also received
commendable support
from Mridul Pathak,
an NRI based in
New York, who also
is a patron member
of IACC. The Chamber
received lot of
organizational help
from the Manhattan
Chamber of Commerce
and was patronized
by the New York
Metropolitan Area
Economic Development
Council.
S.K. Jain welcomed
the participants
of SUITE 2009 both
from the US and
India. He introduced
IACC as the only
bilateral chamber
of commerce that
has the blessings
of both the US and
Indian governments.
IACC will work for
closer interaction
and networking not
merely between the
Indian and US Industries,
but also will provide
a platform of cooperation
in mutually beneficial
activities, enterprises
of various sectors
in both the countries.
He said that regular
conferences should
be organized in
both the countries
and instead of focusing
on too many sectors,
these should examine
in depth specific
areas like power,
food processing
and education. He
also suggested that
closer ties need
to be formed by
the IACC with the
governments in both
the countries both
at the Federal and
the state levels.
The first day of
the event was inaugurated
by Seth W. Pinsky,
President of New
York City Development
Council, who praised
the effort of IACC
in organizing this
event. He drew the
attention of the
audience to the
fact that New York
City is not merely
the financial centre
of the US, but also
the melting pot
for people all over
the world who pursue
a multitude of activities.
The city has prepared
a comprehensive
economic development
strategy focusing
on the potential
capabilities of
the residents in
terms of the requirements
of both the hard
and soft infrastructure.
Their strategy looks
at the requirements
of the members of
the various communities
from all stations
in life the kind
of issues that will
help them to pursue
their own economic
goals. The strategy
also includes training,
provision of finance,
holding hands in
the initial stages
of business development
etc. Pinsky felt
that New York has
lot to offer in
terms of economic
development planning
for the larger metros
in India, particularly
cities like Mumbai.
Ron Somers, President
of the US-India
Business Council
in his plenary session
gave an impressive
speech in which
he said that India
was one of the few
countries which
offered opportunities
for economic development,
not only for the
entrepreneurs of
the US but to those
of the whole world.
He praised highly
about the administrative
process, the legal
system and predominant
use of English language
in the Indian corporate
world. He termed
these as “SUREFIRE”
pillars of economic
development and
cooperation between
Indian and International
companies. He specially
referred to the
fact that history
has created an important
moment at this moment
for both India and
the US and we should
mutually benefit
from projects like
nuclear energy,
food processing,
health, education.
He also referred
to the traditions
of democracy and
the open social
system of both the
countries. Somers
received a thundering
applause for his
speech that explained
so rationally the
true potential of
India as an economic
powerhouse.
Dr. Agnihotri an
ex-Ambassador of
India to the US,
in his address expressed
his appreciation
of the efforts of
IACC in organizing
such a conference
in New York for
the first time.
He hoped that this
would be one of
many such events
in future and IACC
would become an
important instrument
in the process of
improved economic
and other relations
between India and
the US.
In the Business
session on the first
day there was a
group discussion
on the following
topics: education,
legal aspects of
setting up of businesses
in US and India,
infrastructure,
IT and ITES. The
sessions were in
great demand and
instead of breaking
down in parallel
discussions, the
attendees requested
for a continuous
session one after
the other. On the
education sector
H. Fenwick Huss,
Dean, J. Mack Robison
College of Business,
Georgia State University,
Atlanta, Georgia,
US, Dr. Allan E.
Goodman, President
& CEO, Institute
of International
Education, US, and
Robert Lytle, Partner,
Parthenon Group,
US spoke on the
mutual attractiveness
of India and the
US for joint cooperation
in the education
sector. There were
quite a few Indian
delegates who were
interested in obtaining
accreditation from
the US-based institutions
of repute. There
were enquiries as
to whether US academic
institutions can
help improve some
aspects of higher
education in areas
like medical colleges,
higher technology
involving research
in physics, chemistry
and biology. India
needs expertise
in areas like aviation
industries also.
Dr. Sankaran P.
Raghunathan, Dean,
National Management
School, Chennai
chaired this session.
In a remarkable
session chaired
by Ms. Nancy Ploeger,
President of the
Manhattan Chamber
of Commerce, the
conference had a
chance to meet some
first generation
entrepreneurs supported
by this agency in
New York. There
were people enriched
by new technology
support through
the MCC, who had
launched international
business supported
again by the same
Chamber in business
development. They
gave a brief account
of their enterprises.
Interestingly, there
were two entrepreneurs
of Indian origin
in this group of
six to seven introduced
by the MCC.
Chairing a session
on legal issues,
Erik Wulff, Chairman
of International,
legal Exchange (ILEX),
explained the context
of arbitration clauses
pertaining to the
US. Vishal Gandhi,
Solicitor &
Advocate, an articulate
Indian participant,
dwelt on Indian
corporate laws from
the perspective
of the potential
US entrepreneurs.
There were representatives
from the Times of
India group who
focused on the issues
of brand building
that can help US
based companies.
She also explained
how ToI can help
in these efforts.
There was a lot
of information on
Infrastructure issues
in India in the
session on the subject.
Siddique, CEO of
SREI Infrastructure,
who chaired the
session spoke about
the current Indian
scenario in this
crucial area. He
referred to the
plethora of projects
that were lined
up and how the government
is trying to arrange
their funding requirements.
He initiated a discussion
on how US based
companies can gain
out of this situation.
Dr. U.K. Mukhopadhyay,
IAS (retired) &
Director General
of IACC, presented
a detailed ground
scenario for policies
on implementation
of projects in the
Infrastructure sector.
He also explained
how the policies
for project implementation
have changed since
the beginning of
economic liberalization.
In the discussion
on IT/ ITES sector,
Stephen Du Mont,
Global Managing
Director of CISCO
systems based in
Bangalore, pointed
out the risks and
reward scenarios
that the US enterprises
can face in their
business operation
from India.
The evening dinner
was sponsored by
Walter from the
Kumar group who
entertained the
delegates at his
own branded establishment.
The next day the
session started
with discussions
on the power and
energy sector. The
first presenter
was Dr. David Hobday,
Geoscientist, Mineral
Exploration and
Finance, who explained
in detail the energy
scenario where India
can benefit from
trapping Methane
gas from its coal
beds. David R. Pospisil,
CEM, Con Edison
Co., New York, gave
a full account on
the essentiality
of encouraging an
alternate energy
where renewable
energy occupied
the pride of place.
He explained how
such energy can
be sourced and how
their distribution
can be integrated
in the utility systems.
There was a lively
discussion on the
health sector focusing
on how minimize
the costs of healthcare
by involving the
private sector in
the healthcare business.
This was incidentally
the current big
debate in the US.
This session attracted
a large number of
attendees. Arun
Kumar, Senior Partner,
KPMG, Dr. Alok Gupta,
CIO, Carefirst and
Dr. Shubnum Singh,
Max Healthcare Institute
Ltd explained how
the Indian health
care system provided
a better healthcare
session at a less
cost to the Indian
population. There
was much to learn
from this session;
while the US companies
can learn from the
management practices
of Indian private
companies, the Indian
companies can learn
from the highly
sophisticated application
of technologies
which is the hallmark
of the US Industries.
S.K. Jain President
of IACC chaired
the session on Food
processing. Through
the example of his
own company LMJ,
he showed how India
is currently poised
in the marketing
of agriculture products
in the world. He
explained how the
US can help in this
regard and how Indian
and US companies
can come together
and take the food
processing industry
to the next level
not for the sake
of business, but
for the sake of
International food
security.
Finally in a session
chaired by S.K.
Mitra which focused
on financing of
projects in the
important sectors
in the Indian economy,
he made a well-documented
presentation about
the important potential
investment opportunities
in India. Parag
Saxena, Founding
General Partner
& CEO of New
Silk Route Growth
Capital, and Amit
Sarkar, Cofounder
SVT Inc discussed
and provoked other
attendees to join
the debate. There
was animated interaction
as Saxena said that
India needs to firm
up their policies
in certain select
areas as there are
chances that investors
will get scared
away. S.K. Mitra
felt that the financing
of small & medium
sectors was not
really a problem.
What they need were
proper business
plans and the right
technology. Finance
still start flowing
into India if there
are right projects.
However, the US
should not only
provide funds internationally
but also help in
conducting research
and biotechnology
from India and US
counterparts.
In his concluding
address the Ambassador
Agnihotri praised
IACC for organizing
the conference.
He said such conferences
should be held regularly
in the US in the
future and the chamber
should focus on
providing a proper
platform for expansion
of business and
other ideas. |
