India and Canada on 13 January 2014 signed a Letter of Intent (LOI) for co-operation in Iron and Steel Sector. The letters were signed by Beni Prasad Verma, the Union Minister of Steel and Minister of Natural Resources, Government of Canada, Joe Oliver. The Canadian Minister is heading a high-level delegation from Canada to India.
As per the signed Letter of Intent (LOI), the two countries has planned to develop and expand the mutual co-operation through information exchanges in areas of mutual interest, which includes iron-ore, cooking coal and other steel making raw materials. The two sides has also planned to encourage bilateral investment opportunities in iron and steel related business. For taping the new markets, the efforts would be made by both the countries ensuring raw material security and forge alliances with global entities.
The two sides also discussed on many issues with an aim to expand and strengthen the bilateral relations of the two countries. The sides also identified the areas of cooperation and assistance, where India could be benefitted from Canada. Both the sides also exchanges their views related to the prospects and growth of the iron and steel industry with the investment opportunities in raw materials, that includes pelletization plants and other associated industries in both the countries.
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