Pradhan calls for Enhancing Japanese Investments, Technology and Capital in Energy & Steel Sectors

Speed Post News Network

New Delhi : Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan met Hiroshi Kajiyama, Japanese Minister for Economy, Trade and Investments, here on December 10, 2019. The discussions centred round enhancing composite engagement in both energy and steel sector to further help elevate the multidimensional bilateral ties between India and Japan.

Pradhan while speaking to the Japanese Minister, 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.”

Speaking about India’s emergence as a global investment destination, Pradhan 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 investment and business destinations of the world.”

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.”

Speaking about growing steel demand in the country, Pradhan said, “Our steel demand is expected to grow exponentially as we embark on becoming a USD 5 Trillion economy by 2024. An investment of USD 1.4 trillion will take place in infrastructure development in the next five years.”

Speaking about extensive co-operation in steel sector, Pradhan mentioned about Japan importing iron ore under a long term agreement and India importing high grade steel from Japan. He expressed happiness at major Japanese steel companies investing in India through Joint Ventures (JVs) with Indian companies and invited more Japanese investments in steel sector in India, according to a PIB release.

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