Japan has assured India of continued support for investments in newer steel technologies during discussions held as part of the 3rd India-Japan Steel Dialogue at Vigyan Bhavan here, according to a statement issued by the Ministry of Steel on Wednesday.

India in turn, reiterated its commitment to ensure ease of doing business for Japanese companies under the framework of the dialogue.

A key highlight of the meeting, held on Tuesday, was the review of progress and future for ongoing capacity-building initiatives aimed at enhancing technology collaboration and skill development. Both sides reaffirmed their commitment to deepening cooperation in areas of mutual interest and identifying pathways to further strengthen strategic relationships in the steel sector, the statement said.

Additionally, the Indian delegation also highlighted the country’s firm resolve to promote research and development in the sector, coupled with demographic advantages, which presents significant opportunities for Japanese investors.

The India-Japan Steel Dialogue serves as an institutional mechanism to enhance bilateral collaboration in steel production, product diversification, and workplace safety. This partnership is guided by the Memorandum of Cooperation (MoC) on the steel sector, signed between the two countries on December 22, 2020. The dialogue underscores the shared vision of India and Japan in fostering innovation, sustainable growth, and resilience in the steel industry.

During the discussions, both sides exchanged insights on the current economic developments in India and Japan, an overview of the steel sector in both countries, the latest trends in the steel industry, the status of steel trade between the two countries, and the international steel market.

The dialogue also provided a platform to share perspectives on key issues, including the European Union's Carbon Border Adjustment Mechanism (EU CBAM), which has major implications for global steel trade.

"The 3rd India-Japan Steel Dialogue was successfully held on February 4, 2025, at Vigyan Bhavan, New Delhi, jointly organised by the Ministry of Economy, Trade and Industry (METI), Japan, and the Ministry of Steel, India," the statement said.

The Indian delegation highlighted strategic initiatives by the government to promote ease of doing business, sustained growth in steel demand driven by infrastructure investment, and concrete steps such as the release of the Green Steel Report and the Taxonomy of Green Steel.

The Japanese side shared insights into current economic developments and advancements in the Japanese steel industry. They also provided updates on ongoing capacity-building programs and discussed other issues of mutual interest.

The dialogue was co-chaired by Vinod Kumar Tripathi, Joint Secretary, Ministry of Steel, and Hideyuki Urata, Deputy Director General, METI, Japan, leading the respective delegations from both nations.