Goyal Invites Steel Industry to Discuss Unfair Competition

New Delhi, Sep 6 (PTI) Commerce and Industry Minister Piyush Goyal on Friday said he has invited the steel industry to discuss about the "unfair" competition that some of them are facing to take appropriate steps with a view to promote the sector's growth.

Certain steel industry players have raised concerns over rising imports from China at lower rates.

"I have invited the steel industry...to understand the unfair competition that some of them are facing and take appropriate measures so that the steel industry remains vibrant, continues to grow and adds jobs to the Indian economy," Goyal told reporters here.

On September 5, he mooted the idea of introducing a border adjustment tax to protect the domestic players by providing a level-playing field against increasing imports.

Goyal also said that the India Middle East Europe Economic Corridor (IMEEC) aims to integrate India, Middle East and Europe through UAE, Saudi Arabia, Jordan, Israel and the European Union.

"I am sure this important initiative will add to India's maritime security and as a strategy, it will reduce our reliance on very few routes which today can become detrimental to our maritime security and will also help...lower logistics cost," he said.

IMEEC, a proposed economic corridor, aims to boost economic development by fostering connectivity and economic integration between Asia, the Persian Gulf, and Europe.

The Memorandum of Understanding (MoU) for this was signed during the G20 summit in New Delhi last year, with participation from governments such as India, the US, the UAE, Saudi Arabia, France, Germany, Italy, and the European Union. The project's key goal is to enhance transportation and communication links between Europe and Asia.

On exports, the minister said that there is a concern about the two wars (Russia-Ukraine and Israel-Hamas) which continue to hold back global trade.

"I do believe that all countries should collectively pursue the path of peace, diplomacy and dialogue to resolve these issues," he said.

He added that the exports dipped in July largely due to lower petroleum products. In July, merchandise exports dipped by 1.5 per cent to USD 33.98 billion.

On Foreign direct investment (FDI), the minister said that the inflows continue to be at elevated levels and "we are targeting" to become a much more attractive destination for these investments in the years to come.

"We offer a large market for Mediterranean goods," he said. The minister was speaking at CII's India-Mediterranean business conclave here.

He added that India and countries of the Mediterranean region can increase cooperation in areas like renewable energy, textiles, tourism, pharma, IT, agri, shipping, cruise, and telecom as huge opportunities are there.

The minister suggested that India may look at setting up a working group to enhance collaboration in the tourism sector.

The Mediterranean region is the region surrounding the Mediterranean Sea and that includes countries of Europe, Africa and Asia.

He added that opening up of offices of Invest India and NICDIC (National Industrial Corridor Development Corporation) in Singapore will provide a single window facilitation for investors and partners who are coming into India.

"This office will expand to become an office to serve the Asean region going forward," Goyal said.