New Delhi:India needs to be more 'open and transparent' in order to attract increased investments in the energy sector, US Secretary of Energy Samuel W. Bodman said here today (Mar 21,2007).

Such a market-based system will pull in large-scale investment as well as technical know-how and expertise from the private sector, Bodman said at a seminar on 'Emerging investment opportunities in the South Asian power sector' here.

"The US 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," Bodman said.

"Such investments on the scale required would need stable regulatory frameworks, open investment climates, adherence to the rule of law, transparency in decision-making and market-based pricing of energy resources," he added.

Referring to the potential that India and other SAARC (South Asian Association for Regional Cooperation) countries can take advantage of, Bodman said: "This part of the world is blessed with an extraordinary talented pool of scientists and engineers."

He also urged the South Asian countries not to rely on fossil fuels and outdated technologies and encourage investments that enhance global economic growth. 

The seminar was jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the United States Agency for International Development (USAID) and the SAARC Chamber of Commerce and Industry (SCCI).