The International Development Finance Corporation (DFC) Scott Nathan "strongly" urged US companies to look at the investment opportunities in India. "We found that, India being the biggest part of our portfolio, it has a huge range of investment and opportunity. I strongly encourage US companies to look at that and to continue to pursue that," he told CNBC-TV18 at the USIBC's India Ideas Summit 2023.

He said if DFC will also be delighted to support American as well as Indian businesses with its toolsets including lending, equity investment, technical assistance, etc.

The USIBC's summit is being held just ahead of Prime Minister Narendra Modi's official visit to the US on June 22.

"We are hoping to make a bunch of announcements during the PM's visit about investments that we've made across a variety of sectors that are very important for the bilateral relationships," he said.

Nathan said India is a critical market for the DFC. "It is our biggest exposure. Nearly 10 percent of our whole portfolio, in our history, invested in several 100 different projects and investments. We have invested over $7 billion in India," he said.

Also Read: USIBC India Ideas Summit 2023: Full text of US Secretary of State Antony Blinken's address

On why India is so important, Nathan said, US secretary Antony Blinken explained it well at the summit, when he said the core of the India-US relationship is its economic relationship.

Blinken also spoke about the how the DFC provided $500 million to help a leading American company build a solar manufacturing facility in Tamil Nadu, India. This project will power 30 millin light bulbs in homes, schools and businesses and will create 1,000 jobs for Indians and Americans, he said.

Absolutely, as part of the QUAD, India, Japan, Australia and US, have been thinking about where the four countries can cooperate throughout the Indo-Pacific. There are many opportunities.

DFC is also looking at opportunities in Indian companies as well. "As part of the QUAD, India, Japan, Australia and US, have been thinking about where the four countries can cooperate throughout the Indo-Pacific. There are many opportunities," he said.

India is also a key player when it comes to supply chains. "India already has a critical role to play. We also looking at other solar power manufacturing investments, other electronic communications technology manfuacturing, and just across the board. Working together towards diversifying supply chains is part of DFC's goal globally, and India is just key," he said.

DFC is also targeting women's economic empowerment and financial includsion. It has lent money to an Indian company Soothe Healthcare that provides women's hygiene products in India. Nathan said the company is entrepreneural, very competivity and has a huge development impact.

He also said it is necessary to build resilience in healthcare systems. Especially after the COVID-19 pandemic, it is important to build a distributed vaccine manufacturing capacity. He said the DFC is involved in India and Africa to help do the same. "It is only fair to see vaccines manufactured in multiple locations around the world," he said.

Nathan also believes there is an important element of collaboration between the US and India. "I think we need to make sure to collaborate on cellular telephone networks, data networks, make sure that we are using safe and secure equipment that governments and people can trust with their privacy.

Also Read: India Ideas Summit 2023: Indian companies support over 4 lakh jobs in the US, says Secretary of State Antony Blinken

First Published:Jun 13, 2023 8:27 AM IST