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India, South Korea discuss POSCO issue

Seoul, Sun, 25 Mar 2012 ANI

Seoul, Mar.25 (ANI): Prime Minister Manmohan Singh discussed the POSCO issue with South Korean President Lee Myung-bak during a meeting held here ahead of Monday's nuclear security summit.

According to sources, Singh emphasised the importance of the project and expressed a hope for its early implementation.

Later in the day, POSCO CEO Chung Joon-yang attended a state banquet hosted by President Myung-bak in honour of Prime Minister Singh at the Blue House, the official presidential residence.

POSCO is hoping to acquire 4000 acres of land for its plant in Orissa. Sixty percent of the land has already been acquired, but government sources say the project is progressing steadily.

The Rs.52,000 crore POSCO project is proposed to be set up near Paradip in Orissa's coastal Jagatsinghpur District. It has been hanging fire for over six years because of resistance from the local populace.

Prime Minister Singh has invited small and medium scale industries of South Korea and sought greater participation of South Korean companies to cooperate in the field of infrastructure.

Senior representatives from KEPCO, Daawoo, Samsung, Doosan and Hyundai were to attend a meeting with the visiting Indian Prime Minister.

Prime Minister Singh would also be addressing Korean company CEOs on Monday. By Naveen Kapoor (ANI)

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