US partners India on aluminium trade
HYDERABAD: The Aluminium Association of India and its US counterpart, The Aluminium Association, on Thursday, signed a memorandum of understanding (MoU) on the last day of the sixth International Conference on Aluminium (INCAL 2011) held here. KSS Murthy, honorary general secretary, Aluminium Association of India (AAI) and Charles D Johnson, junior vice-president (environment, health and safety), TAA signed the MoU.
“The aluminium industries of the US and India are dedicated to promoting the benefits of the metal in three major markets – transportation; packaging and building and construction. A key benefit is aluminium’s sustainability and recyclability. The two associations are also committed to developing and improving the end-use market demand information, and health and safety best practices,” said Murthy.
The MoU would facilitate exchange of information on effective recycling programmes in the transportation, packaging and building and construction markets; and promote aluminium as sustainable material in the three markets.In addition, there would be exchange of information on end use demand in transportation, packaging and building and construction markets; data gathering techniques to improve the timeliness and accuracy of reports; information on health and safety programs to promote and improve best practices.
The US is one of the largest markets for aluminium. It is the fourth largest producer of aluminium and second largest consumer. In comparison, India is the eighth largest producer of aluminium and fifth largest consumer. The gap, however, is very wide in terms per person consumption of aluminium. While per capita consumption of aluminium in the US is 22.3 kg, the same for India is a dismal 1.8 kg.
“The MoU will help increase the per person consumption of aluminium in India over the next few years, as several sectors are driving the growth. In the process, sustainability assumes paramount importance where the US can guide the Indian Aluminium industry,” observed Murthy.
According to the AAI, India has tremendous scope for enhancing aluminium production to meet local demands as well as exports market. “We have the fifth largest deposits of high quality bauxite; there are plenty of coal deposits for power requirements; the cost of producing Aluminium is low. We have to take advantage of these factors and emerge as a global player using the framework of the MoU,” Murthy said.Participants from top aluminium markets like USA, China and Japan participated in the event.
Category: Business
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