ibnlive » Business

Jan 30, 2012 at 12:47pm IST

FDI in retail will create millions of jobs: Timothy Roemer

Davos: Opening up the retail sector to foreign investment will help create millions of jobs in India and also strengthen its trade ties with America, former American Ambassador to India Timothy Roemer has said.

However, the US understands the compulsions associated with policy decisions in a democracy, Roemer said in Davos on the sidelines of the World Economic Forum's annual meeting.

Timothy Roemer, who resigned as US Ambassador to India last year, is now an International Advisory Council Member of leading American public affairs company APCO Worldwide.

FDI in retail will create jobs: Timothy Roemer

Timothy Roemer, who resigned as US Ambassador to India last year, said it will also strengthen Indo-US trade.

The five-day meeting, which ended on Sunday, saw a number of global economic leaders urge India to go ahead with economic reforms, including FDI in retail. In the face of stiff political opposition, India had to put the decision for allowing foreign direct investment in the multi-brand retail business on hold.

Asked about the US reaction to the issue, Roemer said the US President (Barack Obama) is a real believer in the democratic process and knows that everyone cannot agree on every single issue, especially strategic issues. "It's a great time for the US-India partnership. We want to see continuing progress on economic issues. India moved ahead with the FDI in single-brand and multi-brand retail and the process has been complete on half of this," Roemer said.

"This is good for India, millions of jobs would be created for Indians, cold chain would be improved, maybe food prices would come down and there would be more opportunities for SMEs too," he added. "We think it is good thing for India and good thing for the trade between the two countries," he said, while noting that both countries have a vibrant democratic system that allows the people to vote for making their country economically more successful.