Putting behind the bitter experience of steel major POSCO’s unsuccessful bid to set up a plant in Odisha, South Korea has evinced keen interest in forging a new relationship in investment and business with the State.
South Korean Ambassador Shin Bong-kil, who led a business delegation, met Chief Minister Naveen Patnaik and key functionaries of the industries department here on Monday.
“Recognising the State’s potential in natural resources, POSCO had made $12 billion investment commitment in 2005 to set up a steel plant in the State — it was not only the single largest overseas investment by a South Korean company, but also the single largest foreign investment ever made in India,” said Mr. Shin.
Observing that POSCO’s mega investment had faced many hurdles, he said: “I understand both sides have learnt from POSCO’s experience and now need to make a fresh start. Odisha is a State growing very fast.”

Observing that POSCO’s mega investment had faced many hurdles, he said: “I understand both sides have learnt from POSCO’s experience and now need to make a fresh start. Odisha is a State growing very fast.”

The delegation included representatives of Samsung, Hyundai, Kia and LG. Commenting on the slowdown in the automobile sector, the Ambassador said: “I think the phenomenon is temporary. Things will improve shortly. Korean automakers, however, have been doing very well in India.”

Addressing the delegation, Mr. Patnaik said, “The Republic of Korea and Odisha have many possibilities to collaborate across identified focus sectors. We are in the process of promulgating a strategy document, Vision 2030, to ensure that 50% of the primary metal produced in the State is value-added within the State.”

“Odisha is also fast emerging as the petrochemicals and chemicals hub where Korea has natural strengths. We welcome Korean investments in these and other sectors,” said Mr. Patnaik.