 "China's Longi Solar Tech to invest $309 mn in India to avoid trade controls")
One of China's biggest makers of solar panels today said it will invest $309 million to expand manufacturing in India in a move to guard against what it complained is a rising threat of import controls in the United States and other markets.
Longi Solar Technology Ltd's announcement follows the Trump administration's January 24 decision to impose an extra 30 per cent duty on imported solar modules.
An Indian regulator says it is considering a "safeguard tariff" of 70 per cent on solar panels from China and Malaysia.
The United States, Europe and other non-Chinese markets account for only 10 percent of Longi's sales, according to its strategy director, Max Xia. But he said Longi wants to promote global sales of its latest technology this year.
Longi Solar Technology Ltd's announcement follows the Trump administration's January 24 decision to impose an extra 30 per cent duty on imported solar modules.
An Indian regulator says it is considering a "safeguard tariff" of 70 per cent on solar panels from China and Malaysia.
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Chinese manufacturers dominate global solar panel production. Their explosive growth has helped to propel adoption of renewable energy by driving down costs. But the United States, Europe, India and others complain unfairly low-priced exports hurt their manufacturers and threaten thousands of jobs.
The United States, Europe and other non-Chinese markets account for only 10 percent of Longi's sales, according to its strategy director, Max Xia. But he said Longi wants to promote global sales of its latest technology this year.