India's Steel Ministry and Canada's Ministry of Natural Resources have signed a letter of intent for cooperation in the iron and steel industry, according to India's Press Information Bureau.
Under the cooperation agreement, both countries plan to develop and expand mutual cooperation, inter alia, through information exchanges in areas of mutual interest including iron ore, coking coal and other steelmaking raw materials and to encourage bilateral investment opportunities in iron and steel-related business. Efforts made by the two countries will ensure raw material security and forge alliances with global entities for tapping new markets.
The representatives from both countries discussed and identified areas of cooperation and assistance where India could benefit from Canada, which is rich in natural resources, especially coking coal. The parties also exchanged views on prospects and growth of the iron and steel industry, as well as on investment opportunities in raw materials, including pelletizing plants and other associated industries in both countries.