The US Secretary of Energy, Samuel W Bodman on Saturday cautioned South Asian nations that the huge investments in the energy sector required to fuel economic growth in the region critically hinge on an open, transparent and competitive regional marketplace.
Addressing a special session of the conference on 'Emerging Investment Opportunities in the South Asian Power Sector,' organised jointly by FICCI, USAID and the Saarc Chamber of Commerce and Industry (SCCI), Bodman said, "The United States proudly stands as your partner for this region to grow to its full economic potential, critical investments in energy infrastructure, diversification, clean energy and energy efficiency must be made. Such investments on the scale required will need stable regulatory frameworks. Open investment climates, adherence to the rule of law, transparency in decision-making, and market-based pricing of energy resources."
Bodman said open and transparent market-based systems will attract not only private sector investment to the South Asian region as also new technologies and ideas that the private sector can provide. All nations trust therefore recognise the absolute necessity of substantial and sustained private sector investment in innovation and the imperative need to put policies in place that actively encourage and support this involvement, he pointed out.
The US Energy Secretary said: "This part of the world is blessed with an extraordinary talented pool of scientists and engineers, as well as leading corporations already hard at work on these problems. Coming together, through initiatives such as the current one, will strengthen these ties and spread the benefits of technology advancements to all nations of the region."-PR