Union Minister of Steel Shri Jyotiraditya M. Scindia and Minister of Economy, Trade and Industry of Japan Mr. Nishimura Yasutoshi held a bi-lateral meeting in New Delhi today to discuss the cooperation in the steel sector and decarbonisation issues.
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. 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.
Recognizing the recent expansion of investment activities in India by Japanese steel producers, both the sides 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.
Both the sides 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 the Steel Dialogue and other cooperation programs, with due focus on innovative technologies for increasing energy efficiency and decarbonization of steel production in November, 2023 with the participation of the public and private sectors.