PM: Posco project in Odisha to be operational in next few weeks

A 12 billion US dollars Posco steel project in Odisha is set to be operational in the next few weeks. Prime Minister Dr Manmohan Singh made this anouncement after holding delegation level talks with President of South Korea Park Geun-hye in New Delhi today. Dr Singh said, granting of mining concession to the South Korean firm is in an advanced stage of processing. The Prime Minister hoped that the project will confirm that the economic growth and environmental protection can go hand in hand.

The Posco project, the biggest foreign direct investmen in India, was marred in controversies and issues like land acquisition and delay in clearances since its
announcement in 2005.
Last week, the government granted the steel project the much awaited environment clearance with conditions.

South Korean President Park Geun-hye expressed happiness over clearances given to the project and hoped that the economic ties between the two countries will witness further growth.
Dr Singh said both sides are exploring the possibility of establishing a Korean Industrial Park in India.

He said it was agreed to set up a CEOs Forum comprising captains of industry and commerce from both countries to provide with new ideas for deepening the economic collaboration.