The Hindu : Tamil Nadu / Chennai News : U.S. renewable energy trade mission to visit next month

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Tuesday, Aug 26, 2008
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Tamil Nadu

Tamil Nadu - Chennai

U.S. renewable energy trade mission to visit next month

Special Correspondent

CHENNAI: A renewable energy trade mission from the U.S. is scheduled to visit India next month to explore the possibilities of joint ventures for generating clean energy, U.S. Commercial Consul in Chennai Aileen Crowe Nandi said on Monday.

Addressing a session on ‘Doing Business with USA’ hosted by the Confederation of Indian Industry southern region, Ms. Crowe said the delegation would include key players in the U.S. energy sector.

The visit is being organised against the backdrop of India’s ballooning energy deficit that threatens to slow down the country’s growth.

The business meet will take place in Hyderabad on September 9. “The development of clean energy based on alternative sources is as much a priority for India as it is integral to America’s multilateral environment protection engagements.”

Tamil Nadu, an energy-rich State, had the potential to lead the way in the exploration of alternative energy resources, Ms. Crowe said.

The Consulate official suggested the formulation of a bilateral investment treaty that would provide legal protection to U.S. investors venturing into India and for Indian entrepreneurs setting up a unit in the U.S.

“India is emerging as the most favoured destination for overseas investment and an important trading partner for the U.S.,” she said.

Ms. Crowe said the Indo-U.S. trade was doubling every three years. The two other critical factors that would have a bearing on the bilateral trade were further financial sector reforms and up-scaling of infrastructure in India.

Nigel Wark, Executive Director, Ford India, said that Ford was the first multinational corporation to invest in Tamil Nadu in 1996, encouraged by the investment friendly policies of the State government and a pool of highly talented workforce.

He said Ford India proposed to invest Rs.2,000 crore ($500 million) over the next three-five years, and it would focus on doubling the capacity from 100,000 to 200,000 units a year. Some of the challenges faced by industry were infrastructure development, especially ports, roads and railways, and sufficient availability of skilled manpower.

Paul Hinshaw, Vice-Consul, US Consular Office in Chennai, said that during 2007, the Consular office handled 40,000 H-1B visas, the highest in the world.

Larry Staker, Director, Caterpillar India, and Ashwin Ravindranath of Ernst & Young made presentations. T. T. Ashok, chairman, CII Task Force on International Business Promotion and Networking, was the moderator.

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