India, Brazil to increase cooperation in steel, mining sectors
New Delhi: India and Brazil have decided to increase cooperation and encourage investment opportunities in the steel and mining sectors.
The decision was taken during a visit of Steel Minister Beni Prasad Verma-led Indian delegation to Brazil last week, in which a letter of intent (LoI) was signed to strengthen cooperation between the two nations in steel and mining sectors, an official statement said.
The LoI was signed by Steel Secretary D R S Chaudhary and Executive Secretary (Mines and Energy), Government of Brazil on February 7, it added.
The LoI aims to focus on strengthening the supply chain and facilitating exchange of technical know-how for the growth of the steel industry, including pelletisation plants, in both the countries, besides promoting and expanding bilateral relations, it said.
The Steel Minister-led delegations also explored the possibility of signing a memorandum of understanding during the forthcoming visit of the President of Brazil to India as the two countries have been showing robust growth in the consumption of steel, the statement said.
The two countries have emerged as large markets after China in terms of their growth potential among the developing countries.