Saturday, November 6, 2010

WH announces $10 billion in trade deals with India

Erica Werner
Associated Press

MUMBAI, India — President Barack Obama is announcing $10 billion in trade deals with India that are expected to help pay for 54,000 U.S. jobs.

He's also unveiling new export rules to make it easier for U.S. companies to do business with the nation of 1.2 billion people. Some of the changes, including relaxing controls on India's purchase of so-called "dual use" technologies that could be used for civilian or military purposes, have been top priorities for the business community.

Obama was to make the announcements Saturday in a speech to U.S. and Indian business executives on the first day of his 10-day, four-country Asia trip. In the wake of Democrats' midterm election losses, attributed partly to continued high unemployment in the U.S., the White House is working overtime to present Obama's trip as singularly focused on U.S. jobs and the domestic economy.

The commercial deals include the purchase of 33 737s from Boeing by India's SpiceJet Airlines; the Indian military's plans to buy aircraft engines from General Electric; and preliminary agreement between Boeing and the Indian Air Force on the purchase of 10 C17s.

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1 comment:

Anonymous said...

Jeffy Immelt takes his puppet president to India. Read the fine print in the press release. Note the $10 billion expected to HELP PAY for 54K US jobs.

Now GE is a huge company, but it has extraordinarily benefitted from this president that it helped elect, no the least through MSNBC. But Immelt talks about benefits to American in the millions and talks about GE India's business in the billions.

Also note this about the alleged benefit to America workers. From Bloomberg:

GE India is expanding at 30 percent annually, Immelt said in an interview in Mumbai today...

To expand in India, GE, based in Fairfield, Connecticut, would look to acquire $50 million companies, Immelt said.

“We should be doing more acquisitions here,” said Immelt, who became CEO in September 2001. “We would rather acquire a small or medium-size company than a big company because we can use our scale to make the small company a big company.”

Got that? Once GE expands a little, the wealth is going to trickle down.

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