Korean Investors To Make A Comeback In Odisha

Despite the failure of Posco greenfield steel project, South Korea’s biggest investment bet in Odisha, a clutch of Korean investors have expressed interest in making fresh investment bids in the eastern state of India.

“Odisha had received one of the biggest foreign investment proposals from Posco… Now, we hope to make a fresh start in Odisha,” said Shin Bong-kil, Ambassador of the Republic of Korea to India.

Posco’s 12 million tonne mega steel plant project, proposed to be set up near Paradip, had failed due to land acquisition issues created by the local betel leaf cultivators. Finally, after long periods of negotiation, when the Odisha government transferred the required land to Posco India, the company backed out.

However, leaving the Posco failure in the past, a delegation has revived possibilities of Korean investment in Odisha. The delegation includes officials from top corporations like Samsung Electronics, Hyundai Motors, LG Electronics to name a few. It also includes representatives from Korea International Trade Association, Korea Trade Insurance Corporation among others.

“At the moment, Andhra Pradesh offers the best environment, best incentives actually. Odisha has become a very (investor) friendly state of late. But it will take time for investments to happen,” said the Korean Ambassador.

“We have envisioned our industrial growth in six focus sectors and we are striving to facilitate the growth by providing a conducive environment for industries. Korea and Odisha have many opportunities to collaborate in these focused sectors and further strengthen trade, investment and cultural relations”, said chief minister Naveen Patnaik.