Cabinet approves Indo-Japan pact in steel sector

Union Cabinet has given its approval for signing the Memorandum of Cooperation (MoC) between Government of India and Government of Japan to constitute the 'India-Japan Steel Dialogue' to strengthen cooperation in steel sector.

The 'India-Japan Steel Dialogue' envisages enhancement of mutual understanding to secure sustainable growth in the steel sector.

The Dialogue aims to examine all aspects of cooperation in steel sector including promotion of investment in high grade steel making and finding new avenues of steel usage in India.

The MoC will help in capacity building for high grade steel manufacturing in India.

Already Japanese companies such as Nippon steel are cooperating with other steel makers for the development and production of value added steel in the country. More such ventures would flow from the cooperation in coming years.IANS