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Obama to address Indo-US biz summit in Mumbai

October 18, 2010 20:13 IST

US President Barack Obama will give a special address to corporate leaders from India and America at a business summit in Mumbai on November 6, to be organised by industry body USIBC.

Obama is slated to make the first stop in the country's financial capital during his India visit next month. Sources said the US India Business Council (USIBC) has been asked to organise the summit at the instance of the White House.

The US-India Business & Entrepreneurship Summit will commence on Saturday, November 6, in Mumbai and the four hour programme will explore long term opportunities for both the societies.

The summit will conclude with a special address to the corporate leaders by Obama. The meeting will also be addressed by the Commerce Secretary Gary Locke and the Finance Minister Pranab Mukherjee.

The summit will cover wide range of areas, including technology, management, entrepreneurship and job creation opportunities in both the countries. It will also address global economic issues, "that will shape the economic destiny of the 21st Century", said a source familiar with the plans of the Obama visit.

USIBC comprises of the top American companies including PepsiCo, Boeing, Wall Mart and Lockheed Martin. It includes top-tier 375 US firms investing in India, joined by the global Indian companies.

"The fact the President has agreed to address this Business Summit demonstrates the priority this President places on creating jobs for America by cultivating deeper commercial ties with India, the world's largest free-market economy," said USIBC President Ron Somers.

"The commercial focus of this visit will unleash jobs and opportunities that will benefit the American economy at a time when jobs are needed, while providing nurturing collaborations in technology that will ensure inclusive growth in India for decades to come," he added.

The Summit will highlight the benefits of export-led American growth being generated by India's rising economy and new purchasing power, the new investment flowing from India reviving American businesses, and the innovation by young entrepreneurs utilising US know-how and technology.

Lalit K Jha in Washington
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