India pitches for collaboration with GCC in steel sector

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The Indian government has recently launched a flagship scheme for specialty steel called Production-Linked Incentive (PLI)…writes Krishnan Nayar

The just-concluded “Steel Week” at the India Pavilion at Expo 2020 Dubai is expected to lead to a wider collaboration with GCC countries in the steel sector, the Indian Ministry of Steel has said in a recap of the events associated with the week.

“As part of the Steel Week, one-to-one meetings were held with leading players in steel production and logistics industries based in the UAE,” the Ministry said. “An interactive session on ‘Steel Usage in UAE and Collaboration Opportunities for Indian Steel Sector’ was held between key steel producing companies from India and steel user companies in the UAE.”

India’s Minister of Steel, Ram Chandra Prasad Singh, hoped that the recently-concluded Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India will pave the way for India’s steel sector “to set foot in the Middle East and North Africa region using the UAE’s trade infrastructure and entrepot facilities as the base”.

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The Indian government has recently launched a flagship scheme for specialty steel called Production-Linked Incentive (PLI). Its features and its focus areas were highlighted during meetings in the UAE with the objective of exploring the potential for increasing bilateral trade in steel.

Singh met representatives from the PIO Chambers of Commerce and Industry and the Indian Business and Professional Council, comprising of members from leading industries in the UAE in the course of the week.