Japan Shows Interest in Investing 5 Trillion Yen in India: Union Minister Scindia
Japan has expressed its keenness to invest approximately 5 trillion Japanese yen in various sectors in India, including steel, according to Union Minister Jyotiraditya Scindia. He made this announcement after a meeting with a Japanese delegation, led by NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry of Japan, in New Delhi.
During the meeting, Scindia stated that both sides had a detailed discussion on developing common strategies, exchanging best practices, sharing new technologies, and increasing Japanese investments in India. These investments are expected to reach around 5 trillion yen over the next few years, not only in the steel sector but also in other sectors. The meeting was described as positive and focused on fostering collaboration between India and Japan in the steel sector.
Scindia highlighted the tremendous growth opportunities in India’s steel sector, which aims to reach a capacity of 300 million tonnes by 2030, up from the current 160 million tonnes. The discussions also touched upon recent developments in the steel industry, the global situation, and its challenges.
Reaffirming their commitment to India’s Make in India program, both countries discussed partnerships in new domains such as decarbonization, green steel production, and energy efficiency in the steel sector. Scindia expressed confidence that the historical ties between India and Japan will continue to strengthen in the future.
A statement from the steel ministry emphasized the discussion around cooperation in the steel sector and decarbonization issues. Recognizing the increased investment activities of Japanese steel producers in India, both countries expressed support for cooperation between their public and private sectors. This cooperation aims to foster the appropriate development of the global steel industry.
Both sides acknowledged the importance of collaboration in achieving their respective net-zero goals, understanding the diverse pathways for steel decarbonization. To further foster this collaboration, they agreed to hold more discussions through the Steel Dialogue and other cooperation programs.
In conclusion, Japan’s interest in investing 5 trillion yen in India across various sectors, including steel, marks a crucial step towards strengthening bilateral ties between the two countries. The investments are expected to contribute significantly to India’s steel sector growth, fostering collaboration, and addressing decarbonization challenges in the global steel industry.
