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26/10/2019 02:24pm

Dharmendra Pradhan invites Japanese steel companies to invest in India

image Dharmendra Pradhan invites Japanese steel companies to invest in India

New Delhi, Oct 26 (KNN) Union Steel Minister Dharmendra Pradhan has invited Japanese steel companies Nippon Steel and Daido Steel to invest in India.

Pradhan said that he discussed with the company's officials ways to further strengthen cooperation through technology transfer and sharing of best practices to make the local steel industry more cost-effective.

"Met with representatives of Daido Steel Co. Ltd in Tokyo. Daido is one of the world's largest specialty steel manufacturers also dealing in high-performance materials, magnetic materials, parts for the automobile industry and industrial equipment," Pradhan said in a tweet.

Later, Pradhan also met officials of Nippon Steel Corporation and informed them about India's large steel market.

As per estimates, India is the world's third largest steel consuming country. The government aims to increase the per capita steel consumption to 160 kg by 2030.

"Met with Katsuhiro Miyamoto and Taisuke Nomura from Nippon Steel Corporation's Global Business Development team. India has a large market with a growing economy and steel consumption. Nippon is enthusiastic to expand its investments in India. Invited them to bolster their presence under the #MakeInIndia initiative of Modi Govt. and participate in India's growth story,'' said Pradhan in a separate tweet.

The Minister also highlighted the investor-friendly steps taken by India recently, like reduction in corporate tax, bettering Rank in Ease of doing business, tax incentives for new companies and new investment.

Pradhan, along with senior officials of the ministry, is in Japan to attend the two-day Global Forum on Steel Excess Capacity (GFSEC).

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