Amitabh Sharma, Gleaner Features Coordinator

Investment promotion agency Jampro left Monday for India on a trade mission hoping to spark investor interest in alternative energy, film and communications technology.

The eight-member group is to tour New Delhi, Mumbai, India's financial capital and hub of the Hindi cinema popularly known as 'Bollywood', and IT centre Bangalore.

Expand globally

India's fast-growing economy, currently pegged at 8.0 per cent, and unprecedented rise in outward Foreign Direct Investment, which stood at US$1.46 billion in 2005, coupled with moves by Indian corporates to expand globally, has got the attention of the Jamaican agency, whose job is to lure investor capital.

"This is the first ever trip undertaken by Jampro," said business director Jason Hall. "The aim of this trip is to build on the existing bilateral agreements and explore the full gamut of possibilities."

India with a population of 1.1 billion produces about 800 films per year, making its film industry one of the world's largest with annual revenues of over US$1 billion.

In 2001, for example, Indian films made US$1.33 billion.

"We see potential as the Indian film industry is ballooning out to the rest of the world," said Hall.

The delegation would promote Jamaica as a location for filming, explore possible joint ventures and seek to develop strategic relationships with media houses in India.

Investor capital

At the same time, the trade promotion agency will attempt to lure investor capital to develop new capacity in the production and exploitation of alternative energy sources, in particular solar, wind and bio-diesel technologies.

Jampro hopes to persuade solar energy companies, for example, to set up operations in Jamaica and to use the island as central hub for doing business with other Caribbean countries.

The agency will also seek out Indian partners for developing Jamaica's infant nutraceuticals and functional foods sector, and promote the island as a nearshore destination for Indian business process outsourcing service providers, using its English-speaking work force, its telecommunications infrastruc-ture and proximity to the United States as selling points.

Discussions will also explore the possibilities for property development, and cooperation in education, including alliances with Indian universities for training in areas such as IT, medicine, nursing, and biotechnology.

During the 10-day visit, the group will meet with officials of the government of India to review bilateral agreements and areas of cultural exchange in music, fashion and dance.

amitbah.sharma@gleanerjm.com.