Bihar seeks investment in Indian steel sector

A delegation led by Union Minister of Steel Ram Chandra Prasad (RCP) Singh met potential investors and Bihari NRIs in Dubai on Sunday to attract investment in the Indian steel sector and also showcased a roadmap for investments in Bihar.

Inviting the businessmen, investors and NRIs to visit Bihar, RCP Singh said that India can meet 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 UAE’s steel manufacturers.

“India has a target to produce 300 million tonnes of steel by 2030. And for that, we need investment,” said RCP Singh.

Ravi S Chand, a well know social activist, NRI from Bihar and founder of AmbedkarGobal.com, said recently concluded Comprehensive Economic Partnership Agreement (CEPA) between India and UAE will offer UAE easier access to India’s metal, minerals and petroleum products.

“About 90 per cent of India’s goods exports to the UAE are likely to be covered by the FTA. It will help create about a million jobs in India,” he said.

“This meet is our endeavour to drive more business and investment opportunities to India. An enabler of confidence building among the business community to come forward and also invest in Bihar, I am hopeful that this meeting will prove beneficial for both the countries, added Mr Chand while addressing the gathering,” he said.

The India Pavilion at EXPO 2020, Dubai, is hosting 'Steel Week' from March 11 to 17, 2022. The weeklong event will highlight the expertise of the domestic steel sector and showcase an array of opportunities available in the sector. A special session on the Rs6,322 crore production Linked Incentive (PLI) scheme for speciality steel has also been scheduled during the ongoing ‘Steel Week’.

— businesss@khaleejtimes.com