Chennai: U.S. Consul General Aileen Crowe Nandi Monday paid glowing tributes to Indian economy, saying the nation was emerging as the most favoured destination for overseas investment.

"India is emerging as the most favoured destination for overseas investment and an important trading partner for the US," Nandi said.

She was addressing a symposium on 'Doing Business with USA', organised by the Confederation of Indian Industry (CII).

"Trade between India and the US is doubling in every three years. Indian industry has huge opportunity for cooperation with US companies in the energy sector, especially to promote clean energy technologies," Nandi remarked.

According to her, the key four challenges needed to be addressed to enhance Indo-US trade are infrastructure development, bilateral investment promotion, financial sector reforms and cooperation in clean energy technologies.

U.S. companies are keen to partner with their Indian counterparts in IT, science and technology, pharma, biotech and space, Nandi added.

Ford India executive director Nigel Wark, who was also present at the function, said his company was planning to invest Rs.20 billion ($500 million) within the next three-five years and it would focus on doubling the capacity from 100,000 to 200,000 units per annum.