Union steel minister H.D. Kumaraswamy on Tuesday met UAE economy minister Abdulla Bin Touq Al Marri in Dubai to discuss trade expansion, resource security, and collaborative innovation in steel and aluminium.

The two met at a time when India's leading public sector utilities are eyeing business opportunities in West Asia, particularly the UAE.

The UAE can play a key role in helping India achieve its target of producing 300 million tonnes of steel by supporting raw material security and providing energy-efficient production systems, said Kumaraswamy in his meeting with the UAE economy minister.

“India and UAE can be strong partners in green steel production and sustainable industrial growth,” he said.

Indian PSUs Steel Authority of India Ltd (SAIL), National Mineral Development Corporation (NMDC), and Metallurgical & Engineering Consultants India Ltd (MECON) are looking to expand their footprint and strengthening ties with the UAE, a statement from Kumaraswamy's office said.

SAIL is exploring long-term supply tie-ups and the potential to serve the UAE’s infrastructure and industrial sectors with premium Indian steel, as per the statement. Similarly, NMDC, India’s largest iron ore producer, is keen to collaborate with UAE-based entities in developing the mining value chain.

Meanwhile, MECON, India’s premier engineering consultancy, aims to contribute to oil & gas, steel plant development, and smart infrastructure projects across the Gulf.

The Union steel minister called for the creation of a joint working group to identify opportunities under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).

“India does not see the UAE as just a market, but as a strategic partner in reshaping the global industrial landscape,” Kumaraswamy said. “We invite UAE investors and industry leaders to visit India and experience our steel sector’s dynamism firsthand."

Since the signing of the India-UAE CEPA in 2022, bilateral merchandise trade has nearly doubled from $43.3 billion in FY21 to $83.7 billion in FY24. A key target of this CEPA is to take the non-oil trade between India and the UAE to $100 billion by 2030.

Source: Livemint

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