KOLKATA: The key to a successful private-public-partnership project lies in ownership structure and setting up of regulators to ensure that standards are set and conformed to, Ian McCartney, U.K. Minister for Trade, Investment and Foreign Affairs said here on Friday on his maiden visit to India.

Speaking at a session on `Developing 21st century infrastructure,' organised by the Indian Chamber of Commerce, here, he said it was important to give the private sector an ownership structure. Seven hundred and eighty PPP projects worth 53 billion pounds had been signed in the U.K. in 2005 with another 26 billion pounds worth projects in the pipeline.

About 70 countries worldwide were seeking Britain's advice on PPP project implementation, the Minister said. Pointing out that PPP was a way of financing infrastructure projects, Mr. McCartney said the U.K. led the world in PPP.

He said that 90 per cent of PPP projects got completed on time in there was a delay in the project the private sector provider would bear the cost. He outlined the sectors — transport, water and environment and regeneration — and indicated the benefits that they had received in the U.K. through PPP projects in the U.K.

Talking to reporters later, he said the industrial investment climate in West Bengal was conducive and there was a desire among the leadership to globalise as also improve infrastructure. Sectors, which seemed attractive for investment, were auto-components, agro-business, and ICT, Mr. McCartney said.

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