Ecuador eyes Indian cooperation in mining sector

August 1st, 2008 - 11:28 pm ICT by IANS  

Kolkata, Aug 1 (IANS) To usher in investment in the mining sector, Ecuador is in talks with a few private companies in India that are interested in exploring the mining potential in the Latin American country, Ecuador Ambassador to India Carlos Abad said here Friday. “We are in talks with three-four private Indian companies and they have shown interest in participating in mining,” Abad said.

He said in the next few months Ecuador is likely to come up with a new legal framework for the mining sector so as to allow foreign private players to participate in the industry.

“The talks are now at a preliminary level but we are hopeful of joint ventures and to attract foreign direct investment (FDI) in the mining sector in our country,” Abad said.

Last week, a high level delegation led by vice-minister Foreign Relations of Ecuador Jose Valencia met the Minister of State for Mines B.K. Handique in New Delhi and discussed the possible areas of tie-ups and technology transfer in the mining sector.

The delegation also discussed the huge potential of minerals in Ecuador and sought cooperation to develop its nascent mining industry there.

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