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Iowa seeks joint ventures with India

Our Bureau

CALCUTTA, Dec. 5

THE State of Iowa, in the mid-western part of the US, known for its pre-eminence in agricultural development, has sought joint ventures, dealerships and franchises with entrepreneurs in different States of India.

Addressing members of the Indian Chamber of Commerce (ICC) at an interactive session, Mr Rex Welling of the Iowa Department of Economic Development said about eight sectors had been identified for collaborative ventures with Indian companies. Iowa, accor ding to Mr Welling, had the best known agricultural State university in the whole of the US.

The sectors identified for the joint ventures were agro-machinery, bio-technology, insurance, medical equipment and products, information technology, manufactured goods, education and water management. Mr Welling was in India as head of a six-member high powered Industrial Trade Mission from Iowa, said to be the second largest producer of food grains in the USA.

Describing India as an important market for future trade relations between companies in Iowa and India, Mr Welling said Iowa had now diversified into a State also known for industrial prowess. A new programme of international cooperation had been devised by the State to increase exposure of the local companies to foreign entrepreneurs in different fields, and the present visit of the team was mainly to explore opportunities on a one-to-one basis.

Among the sectors represented in the industrial mission were agricultural machinery, elevators and related equipment and fire and safety equipment for varied locations.

Stating that Iowa had as many as 1400 companies engaged in export efforts, dealing with 150 countries around the world, he pointed out that these companies were open to all sorts of business opportunities - joint ventures or dealerships or even franchise arrangements. Describing Iowa as a major player in the insurance sector, housing with some 50 large insurance companies, he said this was another area of cooperation his team members were looking at closely.

Mr C.K.Dhanuka, President of the Chamber, said Iowa was among the most economically developed States in the US, with an export growth of 12 per cent during 1999. The State's export basket, he pointed out, included items such as industrial machinery, inst ruments, chemicals, electronics, transportation equipment and primary metals.