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India and Uruguay have signed a letter of intent

India and Uruguay have signed a letter of intent (LoI) to explore investment opportunities in iron ore and steel sector. The alliance will also encourage exchange of technical know how in iron ore and steel related raw materials.The LoI was signed between D R S Chaudhary, union steel secretary steel and Mr Roberto Kreimerman, Uruguay’s minister for industry, energy & mining during a visit by union steel minister Beni Prasad Verma.

The steel minister met Uruguay president, Mr. Jose Mujica in Montevideo on February 6, 2013. The two leaders discussed steps to improve co-operation in the mining sector between the two countries and increase bilateral trade turnover in the coming years.

The minister later met Mr. Roberto Kreimerman and discussed various aspects of joint exploration and production of minerals in the Latin American country. Speaking on the occasion Mr Verma said, “There is a huge potential for mining of iron ore, granite, gold and diamond, which can be explored by Indian companies in Uruguay. I believe the two countries can collaborate to utilise each others strength in areas of mineral exploration.”

The steel minister invited the Uruguayan trade and industry to participate in the Indian Trade Exhibitions and conduct roadshows for more joint ventures, transfer of technology and inviting Indian investment for setting up production facilities in Uruguay for exports to other Latin American countries.

The visit of the Indian delegation was successful in establishing a firm base for mineral exploration and production by Indian firms in Uruguay. Apart from the minister and steel secretary, other delegation members included U P Singh, joint secretary, C S Verma, chairman and managing director, NMDC and other senior steel ministry officials.