In order to increase cooperation and encourage investment opportunities in the steel and mining sectors, India and Brazil have signed a letter of intent (LoI) to strengthen cooperation between the two nations in steel and mining sectors. The decision was taken during a visit of Steel Minister Beni Prasad Verma-led Indian delegation to Brazil last week.
The letter of intent aims to focus on strengthening the supply chain and facilitating the exchange of technical expertise for the growth of the steel industry. Further, it also aims to focus on growth for pelletisation plants in both the countries and also promoting and expanding the bilateral relation.
As these two countries have been showing robust growth in the consumption of steel, the Steel Minister-led delegations also explored the possibility of signing a memorandum of understanding (MoU) during the forthcoming visit of the President of Brazil to India. Moreover, India and Brazil have emerged as large markets after China in terms of their growth potential among the developing countries.
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