Bhubaneswar, April 9: Keeping aside the setback due to non-implementation of Rs 52,000 crore greenfield steel project of Posco, South Korea today expressed its interest to invest in India including Odisha.
“Posco project unfortunately has not developed well. But, after 10 years of time, may be, we have to think more creatively,” South Korean Ambassador to India Cho Hyun told reporters after meeting Chief Minister Naveen Patnaik.
Hyun, who was here to address a business meeting, said, South Korea has many other things to offer, not just Posco. Stating that South Korea is in favour of more investment in India, Hyun said he met a number of businessmen in South Korea last month and encouraged them to invest in India. To a question on the fate of Posco project, the MoU for which was signed with the State government way back in 2005, Hyun said, South Korean government will honour Posco’s decision which will be on their commercial consideration.
He said this while referring to Posco’s decision to keep the Odisha project on hold. “Discussed investment and trade opportunities in Odisha with Korean Ambassador Cho Hyun,” the Chief Minister tweeted after his meeting with Hyun. Patnaik, however, did not mention whether Posco figured in their meeting.
Meanwhile, steel and mines minister Prafulla Kumar Mallick said the State government was not apprised of Posco’s decision of keeping the project at Paradip on hold. “We have requested the Centre to intervene and resolve Posco issue so that the country’s biggest FDI is implemented in the State,” the minister said.
On the other hand, South Korean steel behemoth Posco today said it would not be possible to set up the proposed steel plant in the State by 2017. Since construction work for the Rs 52,000 crore project is yet to begin at the site due to regulatory hurdles, completion of the project will not be possible in such a short period, Posco told the National Green Tribunal (NGT) during a hearing in New Delhi.
