Pradhan calls for enhancing Japanese Investments

   The Union Minister for Petroleum and Natural Gas and Steel, Mr. Dharmendra Pradhan recently met Japanese Minister for Economy, Trade and Investments Mr. Hiroshi Kajiyama in New Delhi.
   The discussions centred on enhancing composite engagement in both energy and steel sector to further help elevate the multidimensional bilateral ties between India and Japan. India is one of the most attractive investment and business destinations of the world.”
   Mr. Pradhan while inviting enhanced investments from Japan, said, “We appreciate Japanese work culture and spirit of innovation and entrepreneurship. I invite more Japanese companies, their technology and investments in India.”
    Speaking about growing steel demand in the country, Minister Pradhan said, “Our steel demand is expected to grow exponentially as we embark on becoming a USD 5 Trillion economy by 2024. An investment of USD 1.4 trillion will take place in infrastructure development in the next five years.”
    About extensive co-operation in steel sector, Mr. Pradhan mentioned about Japan importing iron ore under a long term agreement and India importing high grade steel from Japan. Mr. Pradhan expressed happiness at major Japanese steel companies investing in India through Joint Ventures (JVs) with Indian companies and invited more Japanese investments in steel sector in India. He also talked about Steel Cluster Policy which will encourage setting up small high grade steel manufacturing plants.