India, Canada sign pact to strengthen ties in iron, steel

India and Canada today inked an initial pact for strengthening ties in iron ore, coking coal and steel sectors.
The development comes in the wake of a high-level delegation from Canada headed by its Minister of Natural Resources Joe Oliver calling on Steel Minister Beni Prasad Verma to foster cooperation in mining and steel sectors.
"A Letter of Intent (LoI) was signed ... Both countries plan to develop and expand mutual co-operation, inter-alia, through information exchanges in areas of mutual interest including iron-ore, coking coal and other steel making raw materials and encourage bilateral investment opportunities in iron and steel related business," an official statement said.

Efforts made by the two countries would ensure raw material security and forge alliances with global entities for tapping new market, it said.
Verma also held discussions with the Canadian Minister which aimed at expanding and strengthening bilateral relations and also identifying areas of cooperation and assistance where India could be benefited from Canada, endowed with a huge wealth of natural resources especially coking coal.
Views were exchanged on prospects and growth of the iron and steel industry, as well as investment opportunities in raw materials, including pelletisation plants and other associated industries, the statement said.