Maryland Governor to visit India this month to promote FDI

"We have strengths that I think are particularly well suited to India in healthcare, life science, biotech and IT," Maryland Governor Martin O'Malley told reporters at the National Press Club here on Monday.

O'Malley's visit to India will kick off later this month.

"I'll be traveling there primarily to promote Maryland as a destination for foreign direct investment into Maryland. We have an outstanding workforce in our state. We have more PhDs per capita than any other state in the union," he said.

"We have strengths that I think are particularly well suited to India in health care, life science, biotech and IT, given the concentration of innovation assets we have in our state from NIH to Johns Hopkins to National Security Administration, Centre for Medicaid and Medicare Services," he said.

"We hope to build on those strengths and advertise them and recruit investors from India to invest in Maryland," O'Malley said.

Between 2004 and 2009, Indian companies made eight acquisitions worth a total USD 564 million in Maryland, over-and-above the USD 100 million that Indian companies invested in greenfield projects in Maryland.

In 2010, India was Maryland's 12th largest export market, worth USD 233 million in goods and services, and was the state's 13th largest import market, worth more than USD 465 million.

There are four major Indian companies operating in Maryland, including Sri-Sai Pharmaceuticals in Frederick; Bioserve Technologies in Beltsville; Lupin Pharmaceuticals in Baltimore; and Gene Logic in Gaithersburg.

In addition, Maryland's India office also has a US location in the International Incubator at the University of Maryland, College Park, to assist local companies in opening offices in India.