BHUBANESWAR: As the Odisha government sets its eye on converting investment intents received during Make-in-Odisha 2022 into reality, Team Korea, a delegation comprising representatives from the embassy and industries associations, has evinced interest in promoting economic cooperation with the state.
The high-level Korean team, during a meeting with the Industry department here on Thursday, discussed the feasibility of business in the state and creating a mutually beneficial economic corridor.
Expressing confidence over future trade tie-ups, a commercial counsellor at the Korean Embassy Sungjoong CHO said investors are keenly watching Odisha’s shifting focus on IT, renewables, decarbonisation, electric vehicles, aviation and metal ancillaries. “We have plans to visit different industrial corridors and places of industrialisation potential in the state in the next three days. My delegation will actively promote the offerings of the state. We look forward to witnessing rapid industrialisation in Odisha,” he said.
The visit of the Korean team assumes significance as India and Korea are seeking to widen the scope of the Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade. Recently, Korea urged the Indian government to add more items such as defence equipment, biofuel cells, robotics, drones, and other future mobility products to encourage Korean investment.
Though the proposed Rs 50,000 crore investment by South Korean steel giant POSCO could not materialise, Odisha expects investment in the field of automobile parts, telecommunication equipment, hot rolled iron products, petroleum refined products and parts and iron and steel products which have major investors in Korea.
Inviting the team, the managing director of IDCO and IPICOL Bhupendra Singh Poonia said Korean companies can consider emerging sectors such as IT, green energy and product manufacturing units. “We are hopeful of a positive response,” he said.
From far east
The team from Korea will visit industrial corridors in state
The team is keenly watching Odisha’s focus on sectors like IT and renewables
Odisha expects investments in diverse sectors like auto parts and petro products