Despite Posco Fiasco, South Korea Eyes Odisha

Minister of State for Steel and Mines Prafulla Mallick said the State Government is yet to be informed about Posco’s decision.

Published: 09th April 2016 06:05 AM  |   Last Updated: 09th April 2016 06:27 AM   |  A+A-

BHUBANESWAR: Even though the Posco steel project in the State, once publicised as the highest foreign direct investment (FDI) in the country, is yet to take off, South Korea on Friday evinced its interest to invest in India including Odisha.

“Posco project unfortunately has not developed well. But, after 10 years, may be, we have to think more creatively,” South Korean Ambassador to India Cho Hyun told mediapersons after meeting Chief Minister Naveen Patnaik.

Hyun said South Korea has many things to offer, not just Posco and his country is in favour of more investment in India. To a question on the fate of Posco project, Hyun said the South Korean Government will honour Posco’s decision. The State Government had signed an MoU with Posco in 2005. The MoU is yet to be renewed. Posco, meanwhile, has decided to keep the Odisha project on hold. After the meeting with Hyun, the Chief Minister tweeted, “Discussed investment and trade opportunities in Odisha with Korean Ambassador Cho Hyun.” He, however, did not mention whether Posco figured in the meeting.

Meanwhile, Minister of State for Steel and Mines Prafulla Mallick said the State Government is yet to be informed about Posco’s decision to keep the project at Paradip on hold.

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