Global steel industry passing through difficult phase: Dharmendra Pradhan at Ministerial Meeting of GFSEC
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Tuesday met his Japanese counterpart Hiroshi Kajiyama and the two sides agreed to enhance engagements in energy and steel sectors.
Pradhan while inviting enhanced investments from Japan, said, "We appreciate Japanese work culture and spirit of innovation and entrepreneurship. I invite more Japanese companies, their technology and investments in India."
Terming India as the "hotspot for global growth", Pradhan added that the country jumped 67 ranks in just three years to take the 63rd position in the World Bank's Ease of Doing Business Ranking in 2019.
"India is one of the most attractive investments and business destinations of the world," he stressed.
The oil minister said, "Our steel demand is expected to grow exponentially as we embark on becoming a USD five trillion economy by 2024. An investment of USD 1.4 trillion will take place in infrastructure development in the next five years."
Meanwhile, speaking about extensive co-operation in the steel sector, Pradhan mentioned about Japan importing iron ore under a long term agreement and India importing high-grade steel from Japan.
He also 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.
Further deliberating on the energy ties shared between the two countries, said, "I firmly believe that both India and Japan have lot of complementarities in the hydrocarbons sector as well. India will see a massive investment of USD 160 billion by 2024 in oil and gas exploration, refineries and in setting up of natural gas infrastructure. I see a huge potential for us to enhance engagements in the energy sector, especially in LNG business, Gas Hydrates as well as our ambitious Strategic Petroleum Reserves Program. This will be a win-win proposition for both our countries."
The minister also spoke about India's energy transition and said, "We must have a sustainable energy consumption. India has its own aspiration and strategy to move ahead. Our Prime Minister is a great votary of sustainable energy consumption. We are moving towards a gas-based economy. We must work on scientific advancement to make new sources of energy more affordable."
"Fruitful meeting with H.E. Mr. Hiroshi Kajiyama @kajiyamahiroshi, Japanese METI. We discussed enhancing composite engagement in both energy and steel sector to further help elevate the multidimensional bilateral ties between India and Japan. Japanese Minister H.E. @kajiyamahiroshi reiterated their interest in advancing the India-Japan cooperation in steel sector," he tweeted.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)