Government keen to move forward with POSCO: Manmohan Singh

Seoul, Mar.26 (ANI)L Prime Minister Manmohan Singh has told Korean CEOs' that his government is keen to move forward with the POSCO project, and added that there is some progress in this regard.

"I believe that India is a stable and profitable long term investment opportunity" Singh said.

Addressing business bigwigs of the Korea Federation of Small and Medium Businesses, the Korea Chamber of Commerce and Industry (KCCI), the Koreanternational Trade Association (KITA), the Federation of Korean Industries (FKI) and the Indian Chamber of Commerce in Korea, and the Distinguished Captainsf Korean Business and Industry, Singh said Korean investment is a priority for India and New Delhi will take proactive steps to address investor grievances and improve the business climate in the country.

"Many states of our union have been actively encouraging foreign investment and we will support these efforts. I urge the Korean industry to have faith in India," Singh said.

Pointing to the delay in the POSCO project, Singh assured the Korean CEOs' that there are effective mechanisms to deal with it.

"I recognize that sometimes our processes can be slow, but, there are effective mechanisms for a resolution of problems and differences and a strong rule ofaw," the Prime Minister said.

Singh also invited Korean companies to invest in environmentally friendly technologies.

"We are determined to pursue a strategy of green growth. We are committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix," Singh said.

He further said: "There will be large business opportunities, and, I am aware of Korean capabilities in environmentally friendly technologies".

The Prime Minister is also seeking Korean investments in highways, power plants, mass transport systems, ports and airports.(ANI)