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The India-America Chamber of Commerce hosted an evening reception for India’s Minister for Industries, IT, Mining, Urban Development and NRI Affairs for the State of Telangana Kalvakuntla Taraka Rama Rao Oct. 13, in New York City. The event was attended by investors, business leaders, members of the Chamber, press and government officials. The goal was to inform investors on the investment opportunities in India’s newest state.
“What do companies like Amazon, Facebook, Google, Apple, Ikea, Uber and Airbus have in common? The answer is simple. They have all chosen India’s newest state, Telangana, as their home in India,“ observed Rajiv Khanna, president of IACC and partner at Baker & Hostetler LLP in his opening remarks.
Minister Rama Rao spoke of Telangana’s growth in the two years since its creation Oct. 13, 2014, how it is attracting large scale investments, and is the fastest growing economy in the country. Telangana’s competitive advantage lay in automatic approval of all government licenses within two weeks; numerous higher education institutions; a defense establishment; Investments by the biggest technology firms; and the massive presence of information technology and pharmaceutical and life science industries.
“More than 20% of vaccines worldwide come from Hyderabad [in Telangana],” the Minister said. “Today, Telangana has more US FDA (Food and Drug Administration) approved manufacturing facilities than anywhere else in the world outside of the United States. We are inviting companies like Pfizer and Johnson & Johnson to visit our facilities and participate in creating the eco-system for life science companies worldwide; we are creating Hyderabad Pharma City,” he added.
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