Indo-US talks on investment pact

New York: Describing India as an "Asian tiger", the Obama administration has said it will soon hold technical discussions with the country on a "next generation" bilateral investment treaty, through which the US aims to attract billions of dollars of investment and create jobs.

The State Department and US Trade Representatives Office will lead negotiations on next-generation of bilateral investment treaties (BITs) that protect and encourage investment.

"I am pleased to announce we will soon resume technical level discussions on a new BIT with India," Secretary of State Hillary Clinton told a large gathering at the Economic Club of New York here yesterday.

The increased focus on bilateral treaties is part of America`s priority to attract billions of dollars of new investment to create American jobs.

Clinton also touted the benefits that accrue to America when its companies make investments in "Asian tigers" like India and China, countries that often draw flak from American citizens and politicians alike for "stealing" American jobs.

"It`s not as though American companies go and invest in China or India or Brazil and there`s no benefit back home.

There is. But the quality of the benefit, the amount of the benefit, and the durability of the benefit depend upon decisions we make here as to how we think about our competitive stance in this new challenging environment," she said.