Fairfax County EDA handholding Indian firms to set up biz in US
FDI from India to the United States stood at $14.4 bn, which supported over 72,000 US jobs and helped expand US exports by $1.7 bn in 2021, says Jennifer Larson, US Consulate General in Hyderabad
Hyderabad: World Trade Center (WTC) Shamshabad in association with Fairfax County Economic Development Authority (EDA), Virginia USA and US Commercial Services organised an information session – "Fairfax County, USA: Global Business Destination" in Hyderabad.
"In 2021, the total foreign direct investment (FDI) from India to the US was $14.4 billion and these investments have directly supported over 72,000 US jobs and helped expand US exports by $1.7 billion. This year, the FDI is again on an upward trajectory in the US," said Jennifer Larson, US Consulate General in Hyderabad, in her keynote address.
The US continues to be the world's largest investment destination for good reason. We've learned that success in the US market can help drive success globally. The companies that are coming India and the global top ten who are setting up their facilities in Hyderabad have already done an annual GDP of $20 trillion, she informed during the session.
Jennifer further said, "To foster bilateral trade and bilateral ties, the US market really opened up to people who've been considering it over the past couple of years. Every year, the US Department of Commerce holds its select USA Investment Summit, gathering thousands of investors from around the world to learn about the investment climate in the US." "Fairfax County EDA is supporting the startups and other companies from anywhere in the world to set up their businesses in Fairfax County, Virginia. We provide free and confidential services to help them expand and grow their business," Juhi Naithani, Assistant Director International Business Investment Fairfax County EDA, told Bizz Buzz.
She said, "Our services include providing the firms with information, market intelligence, and real estate support, if they're looking for office space, PR assistance, if they're looking to boost their messaging, along with plugging new companies and startups into the business community."
Granules India Founder and Managing Director Dr Krishna Prasad Chigurupati presented his company's growth in Fairfax County, Virginia, as a case study during the event. He said, "We started our operations in the US during the late 1980s. We had set up an office in New Jersey. We have around 160 people working in the US facilities. We will soon hire 300 people in this region."
He further informed that his company will be shortly opening a pharma packaging unit in Virginia, and the new site will provide employment to 60 persons. Virginia Governor Glenn Youngkin will soon inaugurate the facility, he said, adding that the previous governors of the region have also been very friendly towards the entrepreneurs from India.
On the occasion, there was a panel discussion and the panelists in the session include Navitas Founder & CEO Srini Bayireddy, Kellton Tech President Niranjan Chintam and Davies & Associates Of Counsel Zeenat Phophalia and Juhi Naithani, Assistant Director International Business Investment Fairfax County EDA.
The US continues to be the world's largest investment destination for good reason. We've learned that success in the US market can help drive success globally. With an annual GDP of $20 trillion and a population of over 325 million, the US is really a big opportunity for new customers. The US really does afford the world's most attractive consumer market, just unmatched diversity innovation and a very productive workforce.
- Jennifer Larson, US Consulate General in Hyd
Fairfax County EDA provides free and confidential services to help the firms to expand their businesses. This could be through introducing them to service providers or Chambers of Commerce or telling them about events where they can benefit from attending and networking to grow their business. We are also able to connect them with funding sources, either VCs or angels or venture funds that are looking to invest in businesses.
- Juhi Naithani, Assistant Director International Business Investment Fairfax County EDA
Fairfax County EDA has seven offices across the globe, including two in India – at Bengaluru and Mumbai. These offices serve as a go-to resource for companies looking to expand in the US. We have been organising roadshows regularly during pre-pandemic period to promote Fairfax County as an attractive investment destination. Post Covid, the EDA started hosting more road shows a year along with the virtual events.
- Dev Malik, Manager, India Office, Fairfax County EDA
Fairfax County EDA is very co-operative to business organisations. When they didn't find a suitable land at their county, they showed me something in the next. We are not looking for tax breaks or monetary incentives, which cannot be a driver for setting up any business. The State is helpful and the governor encourages a lot of businesses coming in.
- Dr Krishna Prasad Chigurupati, Founder & MD, Granules India
Navitas has certain intellectual property (IP) built, and our idea is to expand everywhere by providing our services. I am not inventing something new here, but I want to deliver the same service differently by bridging the gaps in between. We have three offices – Netherlands, Texas and Virginia and another three offices in India. We are growing at faster pace.
- Srini Bayireddy, Founder & CEO, Navitas Business Consulting
Fairfax County is one of the major global locations, where Kellton Tech is expanding. There is great expansion scope for us. Today, we are around 1,800 people all over the world and our plan is to grow around 3,000 by the end of next year. Almost 80 per cent of our revenue is coming from the US, while we have only 20 per cent of our workforce in the US.
- Niranjan Chintam, President, Kellton Tech