(MENAFN- Mid-East.Info)
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 Mr. 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.
Mr. 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, Mr. 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.
About Conares:
With its foothold securely placed in the steel industry, Conares is the one of the largest and the only private steel manufacturers in the region. Since its inception in 1988, Conares initially focused on steel trading. Having built extensive partnerships with renowned steel plants across the world, it brought the world-best competencies to the region, by setting up its own state of art manufacturing facility in UAE. The company earmarked AED 200 million towards expansions by the year 2020. Being a 100 per cent privately owned entity, the company assets exceed US$300 million of investments in the UAE.
As the Middle East focuses on development, Conares serves as the perfect partner to meet the growing industry requirements for steel rebars, pipes and color coated coils. A diversified and full-fledged manufacturing facility based in the UAE, the strategic hub between the East and the West, Conares today is the premier producer of quality steel products for wide-ranging needs, having a total manufacturing capacity of 1,000,000 MT annually. Conares earned various international product certifications for its various steel products, which it serves in the fledgling construction industry in the region and abroad. Meanwhile, its on-going efforts in streamlining its manufacturing operations to be safe for its employees and community have earned the company its sustainability certification from UK CARES Sustainability Scheme.
From its central location in Dubai, UAE; Conares serves an extensive network of clientele including pre-engineering companies, steel trading companies and construction majors not in the Middle East but across wider markets that are easily accessed from its headquarters. Led by a team of experienced and skilled professionals, Conares today employs more than 500 people. Conares has set new benchmarks in the steel industry through its commitment to quality, excellence, and service standards. A trusted name in the industry, Conares is led by the vision to support the region's infrastructure development by providing world-class steel products through long-term partnerships. At Conares every business partnership, each product, every process, and any aspect of service is defined by three core values – Trust, Quality & Strength.
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