US reiterates strong support for upcoming summit in Hyderabad

United States commerce secretary Wilbur Ross on Tuesday said the upcoming Global Entrepreneurship Summit in Hyderabad will be an “ideal meeting place” for investors, innovators and entrepreneurs, reiterating the Donald Trump administration’s strong support for the convention that the US and India are jointly hosting in Hyderabad.

“By investing in women across the world, we are investing in families, economies and peace,” Ross said at an event, referring to the theme of the summit.

The summit was announced by Prime Minister Narendra Modi and President Donald Trump when they met in Washington in June. Trump later announced his daughter Ivanka Trump will be leading the US delegation, the registration for which is currently on.

Ross pitched the summit to investors, saying he expects to see a better turnout at the 2017 summit than the 700 entrepreneurs who attended the previous one.

Currently in the process of reviewing America’s bilateral trade deficits with partner countries, Ross reiterated the stated US position that the current administration would like to reduce the deficit, which stands at $29 billion.

He also said India must give US firms greater access to its markets and level the playing field for them, in relations to privileges and benefits enjoyed by its own domestic firms.

But he also noted positive development in India in the adoption of Goods and Services Tax, the reforming of the bankruptcy, and insolvency codes.