Washington, Sep 22 (Agencies): Ahead of Prime Minister Narendra Modi's visit, US Vice President Joe Biden said that one of the goals of the Obama administration "is to become India's best friend".

"We are in a new era of India US relationship... This relationship will go a long way towards defining the 21st Century, and that is not hyperbole," Mr Biden said at the 40th Annual Gala of the US India Business Council (USIBC) in Washington DC which also marked the inaugural of the first India US Strategic and Commercial Dialogue.

Announced during US President Barack Obama's visit to India in January this year, the dialogue is being hosted by Secretary of State John Kerry along with US Commerce Secretary Penny Pritzker. External Affairs Minister Sushma Swaraj, Commerce Minister Nirmala Sitharaman, and Energy Minister Piyuish Goyal were present at the event.

President Obama and PM Modi had decided to expand the existing Strategic Dialogue to the Strategic and Commercial Dialogue to reflect the growing significance of the US-India economic relationship.

Mr Modi, who arrives in New York on Wednesday, is scheduled to meet President Obama next week. That will be preceded by a meeting with top investors in New York and a weekend trip to the Silicon Valley where the PM is expected to seek investments in the start-up sector.

Referring to that visit, Vice President Biden said that PM Modi would see that "entrepreneurship is hard-wired in the DNA of both Americans and Indians."

Trade in goods and services between the two powers amounted to more than $100 billion last year, and Prime Minister Modi would be hoping to rapidly multiply that by attracting US investment during this visit.

Observing that there was huge potential in trade and investment between the two countries, Vice President Biden said there is no reason why it could not be increase five times.