US-India to play key role in tech innovation

Insight Online News

Mumbai, Aug 24 : US Deputy Secretary of Treasury Wally Adeyemo on Wednesday expressed confidence that the US and India will play a pivotal role in the next wave of technological innovation.

‘What is clear that both our countries will play pivotal roles in the next wave of technological innovation – and how it is deployed responsibly to the benefit of all segments of society – especially when our people and companies work together,’ he said at the Indian Institute of Technology (IIT) Bombay.

Underscoring the economic relationship between the two countries, he said he was eager to discuss what comes next with respect to how to deepen the bilateral ties.

‘India, as President Biden has said, is one of America’s indispensable partners. While here in India, I am having this conversation with leaders from your government, business sector and civil society – and of course with entrepreneurs and students like you about the future of India and our economic and broader relationship.”

He added: ‘The timeliness of this conversation is not lost on me, particularly as India is preparing for its Presidency of the G20 in 2023.

“As G20 President, India will have an opportunity to broaden the platform to which we have all been members for a long time, and to think through how we use forums like the G20 to continue to advance our shared responsibility for building a global economy that works for all of our citizens.

‘Through the Quad, the US and India are working with partners in Japan and Australia – and in collaboration with countries around the region – to demonstrate our shared commitment to a free, democratic, and open Indo-Pacific.

“That goal of peace and stability is a prerequisite for both of our countries’ continuing economic growth.’

In May, President Biden and Prime Minister Narendra Modi joined leaders from almost a dozen countries representing 40 per cent of the global economy in Tokyo for the launch of the Indo-Pacific Economic Framework, he said.

‘The framework is geared towards harnessing the innovation that we see across the region – from IIT in Bombay, to Silicon Valley – by setting high standard rules of the road on key issues like cross-border data flows and online privacy.’

‘It also aims to make sure that the dynamism we see in tech hubs across the Indo-Pacific is more broadly shared in our countries to expand greater opportunity for our businesses and workers. This framework is also advancing important, next-generation, objectives to make our economies more resilient to the sort of global headwinds that have affected us over the last two years while addressing existential challenges like the risk of climate change,’ he said.

He said both the countries reinforce their supply chains to protect against the sort of global shocks that have raised prices and idled factories in both the countries and can build a prosperous, fair, and competitive global economy in which Indian and American people and firms can work together and thrive.

Praising Indian companies, he expressed confidence that many of them will be the companies in the years and decades to come that will not only solve problems that will enrich their founders, but will solve problems that will benefit society helping deal with challenges like climate change or medical diseases.

‘Doing things that allow us not only make India stronger in terms of the economy, but make the world a better place going forward,’ he said.


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