New Delhi: The Union Minister of Steel, Shri Beni Prasad Verma recently led a delegation to Brazil to strengthen cooperation between the two nations in steel & mining. During the visit, a Letter of Intent (LoI) was signed by the Secretary, Ministry of Steel on behalf of Government of India and by the Executive Secretary (Mines & Energy) on behalf of the Government of Brazil on 7th February. The LoI inter-alia aims to promote and expand bilateral relations between the two countries in the mineral sector with focus on strengthening the supply chain for the growth of the steel industry in both the countries.
The Letter of Intent aims to encourage investment opportunities in iron & steel related businesses by the Indian and the Brazilian companies in India and Brazil, facilitate exchange of technical know-how in developing the iron and steel production and other steel related raw materials, including pelletisation plants and other associated industries. Both the Governments would jointly work for developing the steel industry and to exchange technically qualified manpower for sustainable growth of the iron & steel industry.
The possibility of signing a Memorandum of Understanding during the forthcoming visit of the President of Brazil to India is also being explored. Both India and Brazil have been showing robust growth in the consumption of steel and are globally viewed as the two large emerging markets after China in terms of their growth potential.
The Minister of Steel was accompanied by Shri D.R.S. Chaudhary, Secretary, Ministry of Steel, Shri UP Singh, Joint Secretary, Ministry of Steel, Shri C.S. Verma, Chairman, SAIL & NMDC and other senior officials.
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