Scindia-Yasutoshi support public-private sector cooperation for global steel industry
Minister of Steel Jyotiraditya M. Scindia and Minister of Economy, Trade and Industry of Japan Nishimura Yasutoshi have acknowledged the recent expansion of investment activities by Japanese steel producers in the Indian steel sector.
They have also 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 and production of more value-added steel in India.
They also 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.
“Both the sides stressed on 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 the economic growth and low carbon transition in the steel sector,” the Ministry of Steel said on 20 July 2023 following a bi-lateral meeting in New Delhi.
The Ministers discussed cooperation in the steel sector and decarbonisation issues, and recognized the importance of developing appropriate measurement methodologies for carbon intensity of steel production for their respective carbon neutrality goal.
They also affirmed the importance of cooperation for achieving their respective net zero goals, recognizing the heterogeneity of steel decarbonization pathways.
In order to continue such cooperation, it was jointly decided to hold further discussions through Steel Dialogue and other cooperation programs in November 2023.
“The focus of these programmes and dialogue will be on training programs, adoption of innovative technologies for increasing energy efficiency, decarbonization and resource efficiency of steel production, with the participation of the public and private sectors,” the Ministry said. Fiinews.com
