Dharmendra Pradhan meets Japan delegation, seeks investment in Energy, Steel sectors

Union Minister for Petroleum and Natural Gas and Steel Dharmendra Pradhan met Hiroshi Kajiyama, Japanese Minister for Economy, Trade, and Investments in New Delhi. The two leaders had multiple discussions highlighting the bond between the two nations and reiterating their commitment to further strengthening the interest in the steel sector. There were also talks of investments up to $160 billion by 2024.

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Strengthing ties

At the meeting, Pradhan said, "Japan and India are natural allies. Our bilateral relations have made great strides in recent years. It has become truly multi-dimensional. As Minister of Petroleum & Natural Gas as well as Minister of Steel, I would like to propose composite engagement in both these sectors." He also made an investment pitch and said, "India is the hotspot for global growth. India jumped 67 ranks in just 3 years to take 63rd position in World Bank's Ease of Doing Business Ranking 2019. India is one of the most attractive investments and business destinations in the world.” 

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Speaking about extensive co-operation in the steel sector, Minister Pradhan mentioned about Japan importing iron ore under a long term agreement and India importing high-grade steel from Japan. Pradhan expressed happiness at major Japanese steel companies investing in India through Joint Ventures (JVs) with Indian companies and invited more Japanese investments in the steel sector in India. He also talked about Steel Cluster Policy which will encourage setting up small high-grade steel manufacturing plants.

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Kajiyama expressed his keenness to upgrade the bilateral engagement in the steel sector, and in this regard appreciated the ongoing efforts to set up a structured and regular dialogue between the Ministry of Steel of India and METI of Japan.

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