His remarks came in a series of tweets after meeting a Japanese delegation.
Several leading Japanese companies have tied up with Indian steel firms, Pradhan said while inviting them to invest in India and leverage its huge growing market.
"Invited Japan to partner in growth of hydrocarbons and steel sectors as India is working on building a USD 5 trillion economy by 2024, as envisioned by Hon. PM Shri @narendramodi. Also invited Japanese companies to participate in massive investments of USD 160 billion by 2024 in oil and gas exploration, refinery and setting up of natural gas infrastructure," the oil minister said in a tweet.
Both the countries have also agreed to work together to increase participation of Japanese companies to tap the huge potential in energy sector, especially in LNG business, gas hydrates as well as on the strategic petroleum reserves programme, Pradhan said.
"Fruitful meeting with H.E. Mr. Hiroshi Kajiyama @kajiyamahiroshi, Japanese METI. We discussed on enhancing composite engagement in both energy and steel sector to further help elevate the multidimensional bilateral ties between India and Japan. Japanese Minister H.E. @kajiyamahiroshi reiterated their interest in advancing the India-Japan cooperation in steel sector," he tweeted. ABI ANU ANU