According to Union Minister Jyotiraditya Scindia on Thursday, Japan is eager to spend roughly 5 trillion Japanese yen in India across a number of sectors, including the steel industry. Following a meeting in the nation's capital with a Japanese team led by NISHIMURA Yasutoshi, Minister of Economy, Trade, and Industry of Japan, the steel minister made the comments.
Detailed discussion about 5 trillion dollar economy
"We had a very in-depth conversation about the common strategies we can create in terms of the way forward, sharing of best practices, exchange of new technologies, and Japanese investment in India, which would be close to 5 trillion yen over the next several years, not just in the steel sector.
The meeting went really well. He added that the delegation highlighted the huge growth potential in India's steel sector, which is expected to increase to 300 million tonne (MT) capacity, and that it will give various areas and platforms where India and Japan will collaborate closely with regard to the steel sector.
The minister stated that discussions also included recent changes in the steel business, the state of the world today, and its difficulties.
"Reaffirmed our support to the 'Make in India' program, as well as our interest in forming new collaborations in areas including decarbonization, environmentally friendly steel manufacturing, and improved energy efficiency in the steel industry. The minister tweeted that he was "confident that the historical ties between the two countries will only see further strengthening in the future."
Focus on steel industry
The steel ministry afterwards released a statement claiming that the discussion covered both decarbonization and collaboration in the steel industry.
Japan and India about 5 trillion steel industry
Both parties decided to encourage the
collaboration between the public and commercial sectors of the two countries, which would contribute to the proper growth of the global steel industry, in light of the recent expansion of investment activities by Japanese steel makers in India, the statement added.
Both parties acknowledged the variability of steel decarbonization pathways and reaffirmed the significance of cooperation for reaching their different net zero targets. Both parties decided to hold more talks through the Steel Dialogue and other cooperation programs in order to maintain this cooperation, the statement stated.
Summary :
A succinct account of the meeting
According to Union Minister Jyotiraditya Scindia, Japan intends to spend over 5 trillion yen in India across a number of industries, including steel. After speaking with a group from Japan led by Minister of Economy, Trade, and Industry NISHIMURA Yasutoshi, he made the announcement.
Japan MoU to invest in India steel industry
