India and Canada have signed a letter of intent (LoI) to foster cooperation in the mining and steel sector.
Union minister of steel and mines Beni Prasad Verma signed it on behalf of India and Canadian minister of natural resources Joe Liver, who led a high-level delegation from his country, on behalf of that country.
As per the LoI, both countries plan to develop and expand mutual cooperation, inter alia, through information exchanges in areas of mutual interest including iron-ore, coking coal and other steel-making raw materials and encourage bilateral investment in iron and steel-related businesses and industry including pelletisation plants.
Both countries also aim to expand and strengthen bilateral relations and to identify areas of cooperation and assistance. Canada is endowed with a huge wealth of natural resources, especially coking coal.
Efforts made by the two countries are expected to ensure raw material security and forge alliances with global entities for tapping new markets.