Japan is keen to invest an estimated five trillion Japanese yen over the next few years in various sectors including steel, India’s minister of steel, Jyotiraditya Scindia, said on Friday, July 21.
He made the statement following a meeting with a Japanese trade delegation led by Nishimura Yasutoshi, Japanese minister for economy, trade and industry.
“We had a very detailed discussion...about the common strategies that we can develop in terms of the path forward, the exchange of best practices, the exchange of new technologies, Japanese investment in India which would be close to 5 trillion yen...over the next few years, not only in the steel sector but other sectors as well," Scindia said.
“The meeting was very positive. It will provide many areas and platforms where India and Japan will work closely together with regard to the steel sector, he said, adding the delegation discussed tremendous growth prospects in India in the steel sector, which is to grow to 300 million mt capacity by 2030 from 160 million mt at present,” he said.
In a separate statement, the ministry of steel said, “Recognising the recent expansion of investment activities in India by Japanese steel producers, both sides decided to support the cooperation between the public and private sectors of the two countries, which will lead to the appropriate development of the global steel industry. Both sides affirmed the importance of cooperation for achieving their respective net zero goals, recognizing the heterogeneity of steel decarbonization pathways.”
