Korean Steel giant POSCO plans comeback to Odisha!

Bhubaneswar: POSCO, the Korean Steel giant, is planning to make a comeback to Odisha with an investment of US$ 12 Billion to set up an integrated steel plant here.

This is being termed as the single largest FDI in the history of India.

This was informed by Shin Bongkil, Ambassador of South Korea to India during a roundtable on ‘South Korea & Odisha: Promoting Bilateral Business Opportunities’ at Bhubaneswar.

The roundtable was organized jointly by the Indian Chamber of Commerce and IPICOL, the Government of Odisha.

Odisha and Korea have many possibilities to collaborate across the identified focus sectors of the state, said Capt. Divya Shankar Mishra, Minister, Industries, Energy, MSME & Home departments.

He also said that Odisha is in the process of implementing a strategy document, Vision 2030 which aims to ensure that 50% of the primary metal produced in the State value-added with Odisha.

Shin Bongkil, Ambassador of South Korea to India, informed that 66 new Korean companies have entered India in last 1 year.

Korean companies have made an investment of US$17 million in 2020 as compared to US$ 21.15 million which is a very good figure keeping in view the pandemic situation, he told.

He also informed that POSCO, the Korean Steel giant has plans to make one of the single largest FDI in the history of India with an investment of US$ 12 Billion to set up an integrated steel plant in the state of Odisha.

Dr Young Seaon Park, Director, KOTRA said that the Korean companies are very eager to work in the areas of Renewable Energy, Water Treatment & Smart City Projects.

Business to business meetings will be organized in the month of September 2021 for exploring opportunities in Smart City Projects.

IPICOL Managing Director Nitin B Jawale showcased the strength & diversity of Odisha.

He also elaborated on the Vision 2030 of Odisha.

He informed that Odisha is expecting an investment of Rs 200000 crores.

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