Obama talks to businesses in India, announces $10 billion in trade deals

November 8, 2010

USA Today

David Jackson

During the congressional elections, President Obama and aides criticized pro-Republican groups for making contributions from anonymous donors, and that some the money may have come from foreign sources -- a list that included the U.S. Chamber of Commerce and its foreign affiliates.

Today in Mumbai, India, Obama met with business people who included ... foreign affiliates of the U.S. Chamber of Commerce.

Now that the election is over -- and Republicans are preparing to take over the U.S. House -- Obama is looking to repair relations with the business community. And he's starting with his Asian trip, which includes the G-20 summit in South Korea and an economic conference in Japan as well as the current visit in India.

After a meeting with U.S. and Indian business leaders, Obama announced $10 billion in new trade deals with India, saying they will help finance 54,000 jobs in the United States.

"As we look to India today, the United States sees the opportunity to sell our exports in one of the fastest growing markets in the world," Obama said in a speech that also touched on the elections that turned largely on high unemployment. "In America this is a jobs strategy."

Obama also addressed concerns about the outsourcing of U.S. jobs to India -- "there still exists a caricature of India as a land of call centers" -- but said the relationship should be a "win-win." Obama said, "there is no reason this nation can't be one of our top trading partners."

Earlier today, Obama visited a Gandhi museum in Mumbai, and spoke at a memorial for the victims of the 2008 terrorist attacks in the city once known as Bombay.

Later, during a meeting with a dozen or so CEOs who do business in both the U.S. and India, Obama said the two nations can work together for mutual benefit as they long as they recognize the opportunities rather than the rivalry.

"Folks back home in the U.S. need to embrace the possible partnership with India, as a democracy, one that appreciates human rights, pluralism, one that has an entrepreneurial culture," Obama said at the meeting.

Back home, aides are trying to set up another meeting between Obama and CEOs as the White House, as the president tries to deal with the 9.6% unemployment rate.

From a pool report of today's CEO meeting in India:

Jeffrey Immelt of GE talked about how globalization is not a "zero sum game," and about the opportunities in India where he hopes to capitalize on the need for electricity. His company has worked out a deal to provide 2400 megawatts of gas turbine technology, manufactured in Greenville, SC, he said. This is the largest gas-turbine order in the history of India, Immelt said. A Boeing official briefly discussed the C-17 sale. An official from SpiceJet also talked about progress they had made.

The U.S. Chamber of Commerce put out a blog post on its "U.S.-India Business & Entrepreneurship Summit," featuring President Obama:

Since 95% of the world's consumers live outside the United States, it makes great sense for President Obama to "boost and encourage" the U.S. business sector in booming economies such as India. As the world's largest democracy and second-largest emerging market, India holds great promise for American workers, farmers, and exporters, as the president and a host of American business leaders will surely underscore this weekend.

The chamber's post didn't say anything about the elections.

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