US and Chinese companies will start a joint venture to develop an algae extractors for papermaking in India, the White House said on Tuesday.
The announcement by President Donald Trump came after the Trump administration and the Indian government signed a Memorandum of Understanding to jointly develop a new biogas extraction technology.
Trump said in his address to a joint session of Congress on Tuesday that the US and India are both keen on developing a joint solution to address the pressing issues facing the two countries, including climate change and the rise of cyber threats.
The White House statement said the two governments will establish a task force to jointly explore the feasibility of establishing a joint enterprise to develop the technology, and that the task force will also develop joint training, joint technical assistance and joint research in the area of algae extraction.
“The two countries are committed to creating a new industry that harnesses India’s abundant natural resources for the benefit of the entire global community, the President said.