According to Union Minister Jyotiraditya Scindia, Japan is eager to spend roughly 5 trillion Japanese yen in India across a number of sectors, including the steel industry. The comments were made by the steel minister following a meeting in the nation’s capital with a Japanese team led by NISHIMURA Yasutoshi, Minister of Economy, Trade, and Industry of Japan.
We had a very detailed discussion…about the common strategies that we can develop in terms of the path forward, exchange of best practices, exchange of new technologies, Japanese investment in India which would be close to 5 trillion yen…over the next few years not only in the steel sector but other sectors as well,” said by Union Minister Jyotiraditya Scindia
The meeting went really well. The delegation addressed the huge growth opportunities in the Indian steel business, which is expected to increase to 300 million tonnes (MT) of capacity by 2030 from 160 MT at present. This will create various areas and platforms where India and Japan will work closely together in relation to the steel sector.
“Reaffirmed our commitment towards the ‘Make in India’ program, along with partnerships in new domains, such as decarbonisation, green steel production and greater energy efficiency in the steel sector. Confident that the historical ties between the two countries will only see further strengthening in the future,”said by Union Minister Jyotiraditya Scindia
Recognising the recent expansion of investment activities in India by Japanese steel producers, and supporting the cooperation between the public and private sectors of the two countries, which will lead to the appropriate development of the global steel industry.
And recognizing the diversity of steel decarbonization approaches, both parties agreed that cooperation was crucial for reaching their individual net zero targets. Both parties agreed to have more talks through the Steel Dialogue and other programs of cooperation in order to maintain this collaboration.
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