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FRIDAY, July 26, 2013
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Vol. 26 No. 30 Friday, July 26, 2013 Published Weekly from Houston 713-774-5140 24 Pages ( 2 sections) 50 cents E-mail: voiceasia@aol.com
Biden urges India to A Promising Start for IACF’s Jubilee Celebrations and Gala open up to US companies
US Vice President Joe Biden addresses a gathering of Indian businessmen at the Bombay Stock Exchange (BSE) in Mumbai on Wednesday, July 24, 2013. Mr Biden urged India on Wednesday to improve investment conditions and remove obstacles faced by American companies which restrict trade between the world’s biggest democracies. -- PHOTO: AFP by Rachel O’BRIEN
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UMBAI, (AFP) - US Vice President Joe Biden urged India on Wednesday to improve investment conditions and remove obstacles faced by American companies which restrict trade between the world’s biggest democracies. IACF’s Past Presidents and Directors were recognized at the event. Seen 4th from rt. is the current President, Murthy Divakaruni. Photos by Shobana Muratee by Shobana Muratee
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t a private reception held on Friday, July 19 at The Houstonian Estates, key members of the Indo-American Charity Foundation (IACF) and its supporters kicked off the IACF’s Silver Jubilee Year celebrations with high expectations, setting the fund-raising target to $500K for 2013. Welcoming the honorary Chairs for the pre-event, Chitra Banerjee Divakaruni, an award winner author and Paula Sutton, Sr. VP-Investments, Wells Fargo, and the distinguished guests, Murthy Divakaruni, president IACF said, “ What distinguishes us [IACF] is that we live here and we give here.” He went on to explain how IACF typically funded 15-30 non-profit organizations in four main areas: Education, Families, General Need and Healthcare. Continued on Page 5
Biden, the first US vice president to visit India in three decades, listed intellectual property concerns, requirements to buy local content and inconsistent tax treatment as worries for foreign investors. “These are tough problems, but they have to be negotiated and worked through to meet the potential of this relationship,” he said in a speech at the Bombay Stock Exchange focused on boosting annual trade from its current level of nearly $100 billion. He also noted that India’s “instinct to protect your industries is understandable. But we need to be candid with each other about the obstacles which exist when economies do business”. Biden is the most senior US official to visit India since President Barack Obama in 2010, and the four-day visit is designed to revive flagging momentum in relations.
Vanitha Pothuri introduces honorary Co-Chairs Chitra Banerjee Divakaruni (far lt) and Paula Sutton. (middle) on the occasion.
Problems on both sides have soured ties, leading many analysts to conclude that a relationship described by Obama as one of the “defining partnerships of the 21st century” is far from fulfilling
its potential. Biden also alluded to looming friction at a meeting of the World Trade Organisation in Bali in December over India’s highly protected farming industry. “We need to find a way forward to address India’s... legitimate concern about food security without distorting global trade. It is a difficult problem but it must be addressed,” he said. Despite a nuclear energy deal in 2008 championed by the United States, Washington has been left embittered after its companies lost out to French and Russian competitors in the race to sell new reactors. In the retail sector, US supermarket chain Walmart has been unable to open new stores because of local sourcing rules that require it to buy 30 percent of its products from small-scale Indian industries. Walmart, which said last year it wanted to launch its first supermarket within two years, has told the government it is unable to meet the demand, according to press reports on Tuesday. Officials have pointed to Biden’s visit as a chance to improve the investment climate between the US and India, where the government has been trying to introduce pro-business reforms to boost the sluggish economy. Continued on Page 9
Prominent businessman Lutfi Hassan attends Business Leaders Round Table Meeting in Washington with President Obama
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ASHINGTON, DC: Prominent businessman Mr. Lutfi Hassan was invited to a round table discussion with the US President, Barack H. Obama on July 11th, 2013. President first briefed the group of twenty six business leaders from different business disciplines on the domestic policies related to Health Care, Jobs and the progress on the Economy as well as addressed the foreign policy and foreign trade issues in the Middle East and Africa. President Obama then opened up the meeting for an open and candid discussion on various topics allowing each one of the participants to speak freely whatever was playing on their minds and responded eloquently to their questions while welcoming suggestions.
economies and robust growth. Citing his own international business experience as well as the involvement in coordinating foreign trade missions as the chairman of Mayor Brown’s Advisory Board for International business development, Hassan offered to pitch his own first hand experience in helping to tweak the policy for the Trade Missions. The President graciously accepted his in put and has since connected him to meet with the policy makers at Commerce Department & OPIC (Overseas Private Investment Corp). Lutfi Hassan with ith the US President, Barack Obama on July 11th, 2013 in Washington.
The Business Leaders Round table Meeting in session. Hassan seen far left at the head of the table.
Complimenting the President on the recent Africa tour and the announcement thereafter on
dollars, Lutfi Hassan suggested more aggressive involvement of Commerce Department in pro-
the various initiatives including the Power Africa initiative with the allocation of Seven Billion
moting SME (small & medium enterprise) firms particularly in the countries with emerging
“ It’s always a delight to see the President. Particularly when you are able to sit across the table for a couple of hours to discuss the issues that are important to our nation. I am honored to be included in discussions at the highest level”. Said Hassan.