New Delhi (NVI): India and Japan have agreed to enhance engagement in energy and steel sectors. The agreement was reached at the meeting between Union Minister for Petroleum and Natural Gas and Steel Dharmendra Pradhan and Japanese Minister for Economy, Trade and Investments Hiroshi Kajiyama here today.
At the meeting, the discussions centered around the initiatives to elevate the multidimensional bilateral ties between India and Japan.
Minister said that our steel demand is expected to grow exponentially as we embark on becoming a USD 5 trillion economy by 2024.
Speaking about extensive co-operation in the steel sector Pradhan expressed happiness at major Japanese steel companies investing in India through joint ventures with Indian companies and invited more Japanese investments in steel sector in India.
Pradhan also talked about India’s Steel Cluster Policy that will encourage setting up small high grade steel manufacturing plants.
On their part the Japanese Minister for Economy, Trade and Investments Hiroshi Kajiyama expressed his keenness to upgrade the bilateral engagement in steel sector. The Japanese minister appreciated the ongoing efforts to set up structured and regular dialogue between the Ministry of Steel of India and METI of Japan.
On the energy ties between India and Japan, Pradhan said that the Government of India firmly believe that both India and Japan have lot of complementarities in the hydrocarbons sector as well.
“India will see a massive investment of US$ 160 billion by 2024 in oil and gas exploration, refineries and in setting up of natural gas infrastructure. I see a huge potential for us to enhance engagements in energy sector, especially in LNG business, Gas Hydrates as well as our ambitious Strategic Petroleum Reserves Program.This will be a win-win proposition for both our countries.” Pradhan said.
“We must have a sustainable energy consumption. India has its own aspiration and strategy to move ahead. Our Prime Minister is a great votary of sustainable energy consumption. We are moving towards a gas based economy. We must work on scientific advancement to make new sources of energy more affordable,” he added.
The Japanese Minister Kajiyama stated Japan’s intention to continue providing support for capacity building for India in LNG sector.
He mentioned that Japanese companies would be keen to enhance their participation in India’s oil & gas sector
