Indian Economy News

Indo-Japan bilateral meeting was held for cooperation in the steel sector and decarbonisation issues

Mr. Jyotiraditya M. Scindia, the Union Minister of Steel, and Mr. Nishimura Yasutoshi, the Minister of Economy, Trade, and Industry of Japan, held a bilateral meeting on July 20, 2023, in New Delhi to discuss collaboration in the steel sector and issues relating to decarbonisation.

Both sides emphasised the significance of following a policy approach with the underlying fundamental principle of achieving both economic growth and low carbon transition in the steel sector, while also taking into account the circumstances of each country's industry. They agreed on the fact that India and Japan are the second and third-largest steel producers in the world and also co-beneficial partners in the global steel industry.

Furthermore, both sides decided to support the cooperation between the public and private sectors of the two countries, which would contribute to the appropriate development of the global steel industry, in light of the recent expansion of investment activities by Japanese steel producers in India.

Recognising the diversity of steel decarbonisation approaches, both countries reaffirmed the importance of cooperation for achieving their respective net-zero targets. It was jointly decided to hold additional discussions through the Steel Dialogue and other cooperation programmes in November 2023 with participation from the public and private sectors, with due focus on innovative technologies for increasing energy efficiency and decarbonising steel production.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.