New Delhi [India], July 20 : Union Minister of Steel, Jyotiraditya Scindia, met Japan's Economy, Trade and Industry minister Nishimura Yasutoshi on Thursday and reaffirmed its commitment towards the ‘Make in India’ program.
"Delighted to meet Mr. NISHIMURA Yasutoshi (@nishy03), Minister of Economy, Trade and Industry of Japan today. Discussed recent developments in the steel industry, the current global situation and its challenges. Reaffirmed our commitment towards the ‘Make in India’ program, along with partnerships in new domains, such as decarbonisation, green steel production and greater energy efficiency in the steel sector. Confident that the historical ties between the two countries will only see further strengthening in the future," Scindia tweeted.
During the meeting, both the ministers stressed the importance of pursuing a policy approach that takes into account the circumstances of each country's industry, with the underlying fundamental principle of pursuing both economic growth and low carbon transition in the steel sector.
"It was a very fruitful meeting with the Japanese Minister of steel, we talked about the tremendous growth prospects in India in the steel sector. The very fact that our steel sector is going to grow from 160 billion tonnes per annum production capacity today to almost 300 million tonnes per annum by 2030," said Jyotiraditya Scindia, Minister of Steel.
Both sides shared the view that India and Japan are the world's second and third largest steel producers and co-benefit partners in the global steel industry. In the meeting, both the 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.
He added that they also talked about decarbonisation, green steel and about the usage of scrap to produce steel. Prime Minister Modi has committed to 2070 to net zero emissions.
"We had a very detailed discussion on various topics and 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 will be close to about 5 trillion yen, which is USD 42 billion over the next few years, not only in the steel sector, but in other sectors as well. And therefore, it was a very positive meeting," he added.
India and Japan also affirmed the importance of cooperation for achieving their respective net zero goals, recognizing the heterogeneity of steel decarbonization pathways, in the meeting.
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