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INDIA-USA INVESTMENT INCENTIVE AGREEMENT

24th May, 2022

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Context

  • India and USA signed the Investment Incentive Agreement (IIA) in Tokyo, Japan which is expected to enhance investment support from America’s development finance institution in a wide range of sectors.

 

About IIA

  • The IIA was signed by foreign secretary Vinay Kwatra and Scott Nathan, the chief executive officer of the US International Development Finance Corporation (DFC).
  • The agreement is considered a legal requirement for DFC to continue providing investment support in India.
  • The agreement supersedes another similar pact signed between the governments of India and the US in 1997.
  • Cooperation under DFC:
    • The proposals worth four billion dollars are under consideration by Corporation for providing investment support in India.
    • The Corporation has provided investment support in sectors like COVID-19 vaccine manufacturing, healthcare financing, renewable energy, financial inclusion and infrastructure among others.
    • DFC or its predecessor agencies have been active in India since 1974 and have provided investment support worth $5.8 billion, of which $2.9 billion is still outstanding.

India-U.S. Relations

  • India-U.S. bilateral relations have developed into a "global strategic partnership", based on shared democratic values and increasing convergence of interests on bilateral, regional and global issues.
  • Regular exchange of high-level political visits has provided sustained momentum to bilateral cooperation, while the wide-ranging and ever-expanding dialogue architecture has established a long-term framework for India-U.S. engagement.
  • Today, the India-U.S. bilateral cooperation is broad-based and multi-sectoral, covering trade and investment, defence and security, education, science and technology, cyber security, high-technology, civil nuclear energy, space technology and applications, clean energy, environment, agriculture and health.
  • Vibrant people-to-people interaction and support across the political spectrum in both countries nurture our bilateral relationship.

 

https://newsonair.gov.in/News?title=India-and-US-sign-Investment-Incentive-Agreement-in-Tokyo&id=441520