South Korea keen to make a fresh start in Odisha
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South Korea keen to make a fresh start in Odisha

By Thehindu calender  24-Sep-2019

South Korea keen to make a fresh start in Odisha

  • Putting behind the bitter experience of steel major POSCO’s unsuccessful bid to set up a plant in Odisha, South Korea has evinced keen interest in forging a new relationship in investment and business with the State.
  • South Korean Ambassador Shin Bong-kil, who led a business delegation, met Chief Minister Naveen Patnaik and key functionaries of the industries department here on Monday.
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  • “Recognising the State’s potential in natural resources, POSCO had made $12 billion investment commitment in 2005 to set up a steel plant in the State — it was not only the single largest overseas investment by a South Korean company, but also the single largest foreign investment ever made in India,” said Mr. Shin.
  • The delegation included representatives of Samsung, Hyundai, Kia and LG. Commenting on the slowdown in the automobile sector, the Ambassador said: “I think the phenomenon is temporary. Things will improve shortly. Korean automakers, however, have been doing very well in India.”
  • “Odisha is also fast emerging as the petrochemicals and chemicals hub where Korea has natural strengths. We welcome Korean investments in these and other sectors,” said Mr. Patnaik.

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