US President Barack Obama on Monday announced an easing of the process to obtain L-1B work visas for corporate executives, a move that would help US corporates hire Indian IT professionals.
Easing the process to obtain L-1B work visas will make it simpler for foreign companies to take employees to the US to execute contracts and, according to Barack Obama, such a move will help attract larger foreign direct investment to the US.
India would be the largest beneficiary of the US government's move as it could end the large scale harassment of IT professionals from India and make it easier for Indian companies to hire Indian employees.
''I'm pleased to announce a new action I'm also taking to make it easier for global companies who are present here today to launch and invest in the US. My administration is going to reform the L-1B visa category, which allows corporations to temporarily move workers from a foreign office to a US office in a faster, simpler way.
''And this could benefit hundreds of thousands of non-immigrant workers and their employers, that in turn, will benefit our entire economy and spur additional investment,'' Obama said in his address to the SelectUSA Summit.
Several Indian companies are participating in the SelectUSA Summit being held to increase US exports and attract more foreign investment into the US.
Indian entrepreneurs now find the US a less attractive destination because of the difficulties in obtaining L-1 visas.
''One of the things that would make America even more attractive to businesses and that would grow our economy and shrink our deficits, and keep this country safer, stronger, and smarter, would be a comprehensive immigration reform package,'' Obama said.
''That's why I'm going to continue to push and prod and poke and cajole friends in the Republican Party to get on board and help us get this done. We need to get immigration reform done here in the United States of America. That's who we are. So the bottom line is this: America is proudly open for business,'' Obama said.
''We want to make it as simple and as attractive for you to set up shop here as is possible. That is what this summit is all about,'' he said, and hoped that global companies would benefit from the new measures.
''There has never been a more exciting time to do business in the US,'' Obama said.