India and Canada sign Letter of Intent for Co-operation in Iron and Steel Sector

The Union Minister of Steel, Beni Prasad Verma, taking forward his efforts to foster cooperation in mining and steel sector, interacted with a high-level delegation from Canada headed by Minister of Natural Resources, Government of Canada, Mr. Joe Oliver on 13 January. During the interaction, A Letter of Intent (LoI) was signed to further supplement the dialogue of co-operation in the iron and steel sector.

Through the LoI, both countries plan to develop and expand mutual co-operation, inter-alia, through information exchanges in areas of mutual interest including iron-ore, coking coal and other steel making raw materials and encourage bilateral investment opportunities in iron and steel related business. Efforts made by the two countries would ensure raw material security and forge alliances with global entities for tapping new market.

On the occasion, Mr. Verma held discussions with the Canadian Minister which aimed at expanding and strengthening bilateral relations between the two countries and also identifying areas of cooperation and assistance where India could be benefitted from Canada, endowed with a huge wealth of natural resources especially coking coal. They exchanged their views on prospects and growth of the iron and steel industry, as well as investment opportunities in raw materials, including pelletization plants and other associated industries in both the countries.

Present on the occasion were the Secretary, Ministry of Steel, G. Mohan Kumar, Joint Secretaries of Ministry of Steel and CMDs of PSUs under the Ministry of Steel. The Canadian delegation comprised Mr. Stewart Beck, High Commissioner of Canada, Ms. Rosaline Kwan, Deputy Commercial Program Manager, Mr. Jay Khosla, Assistant Deputy Minister, Energy Sector, NRCan and officials from Energy Division & International Affairs.