India’s Union Steel Minister RC Prasad Singh visits Conares in Dubai

• Felicitated by Conares, the central minister held talks with JAFZA officials on investment prospects.

Dubai:  Conares, the second largest steel manufacturer in the UAE, welcomed the Union Steel Minister of India Ram Chandra Prasad Singh at its headquarters in Jebel Ali Free Zone (JAFZA) Dubai. Earlier, the minister inaugurated the five-day `Steel Week’, which concludes on March 17, 2022, at the India Pavilion in Expo 2020, aimed to boost India-UAE trade relations, particularly in the steel sector. 

Bharat Bhatia, Founder and CEO of Conares, received the minister and his delegation taking them through the journey of Conares. As part of the Conares visit, the minister interacted with investors and officials of Jebel Ali Free Zone Authority (JAFZA) on investment prospects.  

Speaking on the sidelines of the meeting, the minister said increased cooperation between steel manufacturers of both the countries will be mutually beneficial. “The India-UAE Comprehensive Economic Partnership Agreement (CEPA) will give a strategic push to bilateral relations and will further the cooperation between steel manufacturers of both the countries.”  

Commenting on the minister’s visit, Bharat Bhatia, said, “We are extremely proud to host India’s union steel minister RC Prasad Singh at our headquarters and take him though our plants that make Conares the only private and one of the largest steel manufacturers in the UAE with a capacity to manufacture 1.5 million tonnes of steel products annually.”  

“The focus on steel sector by the India government has created an exciting investment and growth prospect for steel manufacturers and we are confident that this will lead to more opportunities for industry players like us,” he added.

Commenting on the India government’s focus on steel, RC Prasad Singh added: “Currently, we are producing 118 tonnes and we are planning to increase it to 300 tonnes by 2030. Enhanced steel production will help us become self-sufficient in steel and also export to global markets.”

India government had also recently announced a PLI (Production Linked Incentive) scheme for investments in specialty steel manufacturers, which is “expected to bring in an investment of INR 40,000 crore, leading to India having an export potential of INR 23,000 crore. It will also save India INR 17,000 crore in import bill,” the minister said.

The minister said the India-UAE CEPA will also facilitate scrap trading between both countries. CEPA will also help India extend to the Middle East and North Africa market from the UAE base.

“The growth of Conares as a steel manufacturer has remained on a buoyant trajectory for more than three decades of its operations, helping it cross significant growth milestones in the steel industry. The company has set new benchmarks in the steel industry through its commitment to quality, excellence and service standards,” Bharat Bhatia concluded.

Source: Supplied