New Delhi, July 19 (ANI): American companies set to explore business opportunities in the Indian infrastructure and energy sectors.
At a conference, organised by the US-India Business Council (USIBC) here today, it was decided that during the period 2012-2017, American companies would make an investment of one trillion dollars in the infrastructure sector
Daniel B. Poneman, Deputy Secretary, U.S. Department of Energy said that investments in energy sector would create opportunities for new jobs and a cleaner environment.
"These investments in our energy infrastructure will provide enormous opportunities to create new jobs, to enhance our energy security and to address climate change. That is why under President Obama's leadership the United States has made unprecedented investments in clean energy technology that are laying the foundation for a low carbon future," said Poneman.
Poneman further said that Indian and the United States have come together to establish a Joint Clean Energy Research and Development Centre to undertake research in second-generation bio fuels and solar energy.
"Under that initiative which is devoted to advancing clean energy research and development the department of energy is joining with our Indian counterparts to launch a 100 million dollar US India Joint Clean Energy Research and Development Centre. The Centre will bring together... of US and Indian scientists and engineers working together to research breakthrough technologies and building efficiency second-generation bio fuels and solar energy," he added.
Todd Stern, Special Envoy for Climate Change said that the developed nations should join hands with the developing nations with an aim to create jobs and raise our standards of living.
"Climate change is not just about emissions, its about development its about infrastructure its about decarbonising the global economy. It's a historic challenge which we have no choice but to meet but it is also an historic opportunity and done right, the transition to a low carbon economy can grow economies, create jobs and lift our standards of living," he said.
Robert Hormats, Under Secretary of State for Economic Affairs said that the Indian government has estimated an investment of USD 1 trillion in the infrastructure segment during the 2012-17 period, which was a great opportunity for US investors.
"The Indian government is well on its way to investing more than 500 billion dollars in infrastructure by 2012 not very far away. The Planning Commission has set an ambitious target of investing more than one trillion dollars in additional infrastructure by 2017. To this and to the government of India says that at least 50 percent of this investment must come from the private sector and 10-15 percent from foreign direct investment and this is the real opportunity for American investors," he said.
Out of the expected one trillion investment in the infrastructure space during the 12th Plan (2012-17), he said the private sector is projected to contribute up to 50 per cent.
During the 2005-2009 period, Indian investment in the US grew by an annual 35 per cent and created thousands of jobs in America.(ANI)
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