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India invites foreign capital in mining

Minister of State for Commerce and Industry Ashwini Kumar invites global mining companies to invest in India.

india Updated: Jan 27, 2007 11:07 IST

India's Minister of State for Commerce and Industry Ashwini Kumar has invited global mining companies to invest in his country, while pointing out that a liberal policy had been formulated to facilitate the flow of overseas capital in the sector.

Addressing the chief executives of some of the largest mining companies of the world at the annual meeting of the World Economic Forum (WEF) in Davos, Kumar said a long-term iron ore exploration and export policy was also being framed to draw investments.

The participants at the meeting included top officials of Alcoa of the US, Alcan of Canada, Arcelor-Mittal Steel Company and Anglo-American of Britain, Severstal of Russia, Africa Rainbow Minerals of South Africa and the De Beers Group.

Kumar also underlined the importance of formulating a comprehensive strategy for the mining industry that will factor in environmental concerns and imperatives of resettlement of displaced persons.

"Democratic governments need to be responsive to the sensitivities of the people attached to land, which was also a symbol of their identity," he said.

Kumar also had a meeting David Cameron, leader of Britain's Conservative Party, and discussed with him ways to further reinforce the ties between the two countries.

Cameron was keen to further extend educational opportunities for Indian students in Britain, apart from strengthening the role of business associations in promoting trade and investment between the two countries.

Cameron was also invited to visit New Delhi in July, which was accepted in principle, officials said.