Washington, Nov. 23 The Prime Minister, Dr. Manmohan Singh, on Monday said that American business has played a vital role in transforming the Indo-US relationship into a strategic partnership.

Addressing the US-India Business Council (USIBC), the premier business advocacy organization representing America's top companies investing in India, joined by global Indian companies promoting economic reforms with an aim to deepen trade and strengthen commercial ties, Dr. Singh said: "Both our governments attach a high importance to the role of the private sector. President Barack Obama and I have reconstituted the Indo-US CEO's Forum with Mr. David Cote and Mr. Ratan Tata as co-chairs.

"The forum will provide a platform where representative of our private sectors can submit joint recommendations to the two governments on ways of enhancing private sector cooperation between our countries," Dr. Singh added.

"American business has played a vital role in transforming the Indo-US relationship into what can today be called a strategic partnership between the world's oldest democracy and world's largest. I thank all those here who have contributed to this process," he said.

"I invite you to stay integrated as we transform India from low income country into a vibrant market of over a billion people with steadily growing purchasing power," the Indian Prime Minister added.

Chairman of USIBC Indra K. Nooyi and president of the US Chambers of Commerce Tom Donohue along with business leaders of both the countries were present on the occasion. By Smita Prakash (ANI)