~ 30-member delegation will travel to New Delhi, Bangalore, and Mumbai in October ~

Governor Tim Pawlenty today announced that he will lead a delegation of Minnesota business executives on a trade mission to India in October to explore trade and investment opportunities and make inroads with key Indian and U.S. business organizations.

“Strong economic growth is unleashing a wave of demand in India. From consumer goods to professional services, high-tech to health care, machinery to processed foods – the prospects are abundant,” Governor Pawlenty said. “It’s important that we make these connections firsthand.”

The 30-member delegation will travel to New Delhi, Bangalore, and Mumbai October 20-27, 2007 for a series of market and industry presentations, networking events, roundtable discussions and one-on-one business events with potential Indian customers, distributors and partners.

India’s gross domestic product grew an average 7 percent per year between 1994 and 2004 and recently has tracked at nearly 9 percent. U.S. manufactured exports to India reached $6.8 billion in 2005, an increase of 111 percent since 2000. Minnesota’s manufactured exports to India grew 208 percent to $85 million over the same period.

“India’s middle class is 300 million people and growing by 5 percent per year. That’s a huge segment of the population that has increasingly more money to spend on consumer goods,” said Tony Lorusso, executive director of the Minnesota Trade Office, the state’s official export-promotion agency.

Promising sectors include computers and electronics, machinery, medical products, biotechnology, and food processing. In addition, Indian companies have ambitious plans for expanding and diversifying manufacturing activities, particularly in the automobile, auto parts, metals, chemicals, pharmaceuticals and electronics industries, creating opportunities for Minnesota suppliers.

Many other opportunities will come as India implements plans to improve the nation’s infrastructure over the coming decade, Lorusso said. Over the next several years, India’s transportation, energy, environmental, health care, high-tech, and defense sectors are expected to undergo major overhaul, creating greater demand for a wide variety of products and professional services.

There is also strong potential for Indian investment in Minnesota. In 2005, Indian investors owned assets worth $1.36 billion in the United States, up from $277 million in 2002.

Indian-owned companies in Minnesota include Suzlon Wind Energy Corporation, Patni Computer Systems, Inc., Wipro Ltd, and Natural Stone, Inc. Suzlon has been ranked as the fifth-leading wind turbine manufacturer in the world and its wind turbines are used at 12 wind park sites in southwestern Minnesota. Wipro was featured in Forbes Magazine's fabulous 50 Asian companies.

Deregulation and liberalization coupled with one of the most transparent and liberal investment regimes among the emerging economies make India an increasingly attractive place for business investment.

Minnesota companies interested in joining the trade mission must apply by May 31, 2007. Applications are available online at www.exportminnesota.com. The Minnesota Trade Office is coordinating the mission and will notify all applicants of their selection status in early to mid-summer.

In addition to this year’s trade mission to India, Governor Pawlenty has led Minnesota delegations to three other countries:

• China - November 11-19, 2005
• Poland and Czech Republic - June 19-25, 2004
• Canada - September 28-30, 2003