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A delegation led by Union Minister of Steel, Beni Prasad Verma, met the President of Uruguay, José Mujica in Montevideo on February 6, 2013 to discuss points to improve co-operation in the mining sector between the two countries. Both expressed their desire to increase trade turnover in the coming years. The Steel Minister invited the Uruguayan Trade and Industry to participate in the Indian Trade Exhibitions and conduct roadshows for more joint ventures, transfer of technology and inviting Indian investment for setting up production facilities in Uruguay for exports to other Latin American countries. Later, the Steel Minister with the Minister of Industry, Energy and Mining, Government of Uruguay, Roberto Kreimerman in Montevideo.
The two discussed various aspects of joint exploration and production of minerals in the Latin American country. Verma said, “There is a huge potential for mining of iron ore, granite, gold and diamond, which can be explored by Indian companies in Uruguay. I believe the two countries can collaborate to utilize each others strength in areas of mineral exploration.” A Letter of Intent (LoI) was signed between DRS Chaudhary, Steel Secretary of India and Kreimerman to explore investment opportunity in iron and steel sector and to facilitate exchange of technical knowhow in iron ore and steel related raw materials. The delegation comprised Steel Secretary, Joint Secretary UP Singh, CS Verma, CMD of NMDC and other senior officials of the Steel Ministry of India.