The ‘Steel Week’ (March 11 to 17, 2022) was inaugurated by Union Minister of Steel Ram Chandra Prasad Singh at EXPO 2020 Dubai in the presence of several dignitaries. The event, showcasing the potential of India in the steel sector, is aimed at inviting investment from the UAE. A Rs 6,322 crore Production Linked Incentive (PLI) Scheme was started during the ongoing ‘Steel Week’ for the specialty steel sector that would propel the Indian steel sector towards meeting the set target of achieving 300 MTPA production capacity by 2030.
Present on the occasion were major steel producers from India. These included representatives of Tata Steel, JSW Steel, Steel Authority of India, Jindal Steel & Power, among others.
The visiting delegation held meetings with UAE-based steel companies Sharaf Group, DP World and Dana Steel. The event also witnessed an interactive session participated by importers of steel, local construction companies and other users.
Among other activities, Bihar Investors Meet 2022 was jointly organised by Bihar Foundation, Alumni Association of JNU (AAJ), Ambedkar Global, Pravasi Indians (www.pravasindians.com), and GRC India (https://www.grc-india.com) where the Steel Minister was the Chief Guest and Speaker. The event was led by JNU alumnus Ravi S Chand, who is a well-known social activist from Bihar and Founder, AmbedkarGobal. Addressing the gathering, Ravi Chand said that the recently concluded Comprehensive Economic Partnership Agreement (CEPA) between India and UAE would offer UAE easier access to India’s metal, minerals and petroleum products.
Steel Minister RCP Singh met potential investors and NRIs of Bihar origin in Dubai to attract investment in the Indian steel sector and also showed them a roadmap for investments in Bihar. Singh, who is also an alumnus of JNU, invited global investors as well as NRI businessmen hailing from Bihar to invest in the steel sector of India during the event. He has been also leading a delegation in Dubai to showcase and discuss with the NRI investors in Dubai about the business opportunities available in the Indian steel sector. He invited businessmen, NRIs and investors in Dubai to visit Bihar and witness the potential of the state. The delegation accompanying him showcased potential for investments in the state across several sectors such as IT, education, food processing and agriculture.
Speaking on the occasion, he said India can meet the entire supply demand of UAE for steel as India’s private steel manufacturers are ramping up production and also looking to forge mutually beneficial partnership deals with the Middle Eastern nation’s steel manufacturers.
The event, jointly organised by Bihar Foundation, Alumni Association of JNU (AAJ), Ambedkar Global, Pravasi Indians and GRC India was attended by over 50 prominent businessmen from Bihar along with the investors who have interest in tapping the immense business possibilities in the state.
The India Pavilion at EXPO 2020, Dubai is hosting ‘Steel Week’ aimed at highlighting the expertise of the domestic steel sector and showcasing an array of opportunities available in the sector.
(Based on the news originally published in www.newsorbiters.com)