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A meeting was held between the Minister of Chemicals & Fertilizers and Steel, Shri Ram Vilas Paswan and the Minister of Economy and foreign Trade, Grand Duchy of Luxembourg, Mr. Jeannot Krecke, here today. Dr. Mano Ranjan, Steel Secretary, V.S. Jain, Chairman SAIL and senior officers of the Ministry of Steel assisted Shri Paswan. Mr. Krecke is heading a business delegation which is on tour to India from 27th March, 2005 to 2nd April, 2005.
The delegation from Luxembourg side which participated in the meeting consisted of 12 members and included senior officials of the Ministry of Economy and Foreign Trade, Government Press and Information Service, Director General, Chamber of Commerce, Luxembourg, Ambassador of Luxembourg in India and representatives of ARCELOR, a leading international steel manufacturing company and Paul Wurth, a leading iron and steel technology providing company.
During the meeting, the general steel scenario in India was discussed in the background of planned capacity addition in terms of the draft new steel policy. Possible areas of cooperation, in the iron and steel sector, between the two countries was also discussed. It was noted that ARCELOR, the second largest steel maker in the world with its headquarter in Luxembourg could play a role in the setting up of additional steel capacities in India. In this regard, it was explained to the visiting delegation that the policy framework relating to the steel sector was completely liberalized and foreign direct investment upto 100% was allowed. India also has rich iron or reserves, a large pool of technical manpower and a significant market potential which would make India an attractive investment destination for steel companies. The capabilities of Luxembourg and especially those of companies like Paul Wurth, in regard to iron and steel making technologies and equipment engineering and design was highlighted in the background of planned expansion of capacities by both existing and new steel makers. The existing relations in this area was taken note of and future collaboration was stressed.
The Minister of Economy and Foreign Trade of Luxembourg also briefed the Indian side on EU matters including EU reform etc.
BJ/NSR
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