PM calls for trilateral ventures in energy sector between IBSA

November 14th, 2007 - 2:25 am ICT by admin  
Johannesburg, Oct 17 (ANI): Asserting that energy security is a major challenge confronting India, Brazil and South Africa, Prime Minister Manmohan Singh today emphasised the need for looking at how trilateral ventures in this area could be made viable business models.

Interacting with the India-Brazil-South Africa (IBSA) Business Council here today, Singh said, “We should use synergies in this area to our common benefit. Brazil has comparative strengths in ethanol and bio-fuels; South Africa in Coal to Liquid and Gas to Liquid technologies. India has strengths in wind and solar energy.”

He further said that business also has a social responsibility, adding that within IBSA, the three members were in the process of elaborating a common Social Development strategy.

“We would welcome inputs from the business community to shape an effective public-private partnership in this area,” he added.

He said India, Brazil and South Africa were amongst the most dynamic developing economies of the world, and these nations have “obvious complementarities and strengths that we ought to share and build upon.”

“We have set ourselves a modest target of 15 billion dollars by 2010 for trade among our three countries. My suggestion to our business leaders would be to aim to achieve this by 2009 and then go on to double that by 2012,” Singh said, adding, “Business must be pro-active.”

Assuring that IBSA would endeavour to create the necessary environment for closer intra-IBSA trade and investment, Singh expressed the hope that the Business Forum would work actively to create awareness of the opportunities that “our three large markets provide.”

Pointing out that each of the three countries has strengths in science and technology, he urged the business leaders to look at innovative approaches to exploit these strengths, including through joint Research and Development projects, particularly in sectors such as manufacturing, pharmaceuticals and ICT. (ANI)

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