Korean Steel Firm Posco Plans Re-Entry in Odisha

Ambassador Shin Bongkil on Monday confirmed that the South Korean steel giant Posco is planning a re-entry in Odisha via a 12 billion US dollar (approximately Rs 90,000 crore) project. This decision was announced at the ‘South Korea and Odisha: Promoting Bilateral Business Opportunities’ virtual meet, organised by the Indian Chamber of Commerce (ICC) in association with the Industrial Promotion and Invest Corporation of Odisha Ltd (IPICOL).

Posco plans to make one of the single largest FDI (foreign direct investment) in the history of India estimating an investment of US $12 billion, aiming to set up an integrated steel plant in Odisha, said the Ambassador.

The announcement comes after four years of disposing of the greenfield project. Back in February 2017, Posco had surrendered a 1,880 acre of land handed over by IDCO. So far, 66 new Korean companies have invested in the Indian market over the last year.

Director of Korea Trade-Investment Promotion Agency Young Seaon Park said that Korean companies are looking forward to work in the areas of renewable energy, water treatment, as well as smart city projects. B2B meetings concerning these will be organised in September.

On the occasion, Minister of State for Industries and MSME, Dibya Shankar Mishra expressed positive views on the collaboration between Odisha and Korea across various sectors. He said that Odisha is in the process of implementing a strategy document Vision 2030, which aims to ensure that 50 percent of the primary metals produced in the State are value-added.

At the event, Special Secretary of Industries and Managing Director of IPICOL Nitin B Jawale highlighted the strength and diversity of Odisha through an audio-visual.

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