Essar to invest $1.2 bn in Trinidad plant

Indian steel manufacturer Essar will invest $1.2 billion in a steel plant to be commissioned by the end of next year in Trinidad and Tobago.

Announcing this at a meet with the island nation's business leaders, newly-appointed Indian High Commissioner Jagjit Singh Sapra on Thursday said the first phase of the mega project was expected to be commissioned by the end of 2007.

"Projects like this would signify a new chapter in the India-Trinidad economic, commercial relations and would serve to project India's growing capabilities," he said.

In his address, Sapra presented the strengths of the Indian economy and flagged emerging opportunities for mutually beneficial economic and commercial co-operation in ICT, pharmaceuticals, energy, agriculture, tourism services among others.

"I invite you all to look to India as a one-stop source for all your industry needs," he said. Sapra pointed out that "the Indian business and industry are increasingly taking note of the primacy of the economy of Trinidad and Tobago in the Caribbean region."

The Indian High Commissioner also expressed his happiness "to be in beautiful Trinidad and Tobago and to have an opportunity to further strengthen friendship and co-operation between Trinidad and Tobago, and India."