AUSIB welcomes the announcement of over $800 million US investment in India\'s energy sector

July 21, 2011, Washington DC: The Alliance for US India Business (AUSIB) welcomes the decision to invest over $820 million in India’s renewable energy sector by the US’ Overseas Private Investment Corporation, and another $1.4 million by the US Trade and Development Agency. This was announced during Secretary of State Hillary Clinton’s three day visit to India for the US-India Strategic Dialogue.
\"With regard to trade and investment, the ties between our countries are strong and growing stronger. The United States is proud to be one of India\'s largest trading partners and direct investors, and we welcome India\'s investment in the United States, which is rapidly on the rise,\" Secretary Clinton said.
Secretary Clinton also visited Chennai, in the first-ever visit by a serving US Secretary of State to Chennai. The city has, over the years, emerged as a centre of investment, trade and people-to-people engagement between the US and India. AUSIB believes that Secretary Clinton’s visit will work as a major boost to Tamil Nadu’s industrialization initiatives and its pro-industry image.
Commenting upon the visit, AUSIB President Mr. Sanjay Puri said: “the defining partnership that President Obama spoke of is actually developing. The direction of this bilateral relationship is being shaped by the expanding economic exchange between the two countries.”
While in India, Secretary Clinton met with various representatives of US companies and said that the need of the hour is stronger bilateral financial ties and insisted on more open markets, which would help build a more prosperous India, South & Central Asia and a more globalized Asia Pacific region. She also met with Tamil Nadu Chief Minister Ms. Jayalalitha, and delivered a speech at the Anna Centenary Library in Chennai on the importance of US-India economic ties. She addressed a thousand-plus crowd including opinion-makers, students, and others at the Library, from there she went to visit Kalakshetra Foundation Cultural Center.
Chennai is a lucrative automotive hub in India and investments in the sector are said to be amounting to $4,600 million, with an additional $1.5 billion in the pipeline. The automotive business in Chennai is potentially worth around Rs. 36,000 crores.