S Korean firms show interest in Odisha

Forgetting the Posco episode, the South Korean industries have shown interest in investing in Odisha as the state government rolled out a red carpet to attract investment.

A nine-member business delegation led by Ambassador of Republic of Korea Shin Bong Kil met Chief Minister Naveen Patnaik here on Monday and evinced interest in investing in Odisha.

Senior executives from Korean companies, like Samsung India, Hyundai Motor India, Kia Motors, Samsung Electronics, Hanwha Capital, and organisations such as, the Korea International Trade Association, the Korea Trade Insurance Corporation, the Korea Trade Investment Promotion Agency, are visiting the state.

Welcoming the Korean envoy and the delegation, the Chief Minister said there was significant opportunities for both South Korea and Odisha to strengthen trade, investment and tourism ties.

The state has envisaged growth in six sectors electronics manufacturing, petroleum, chemicals and petro-chemicals, textiles, tourism and downstream to metal and food processing.

The state would provide conducive business environment, industry-ready infrastructure and skilled workforce, he said. He said the state would soon promulgate a strategy document, Vision 2030, to ensure value-addition to 50 per cent of primary metals produced in the state.

The Korean Ambassador appreciated the Odisha government's approach for investment and industrialisation. He said there were strong possibilities of investment in various sectors, including agriculture, horticulture, fisheries and services.

Stating that Posco could not set up the plant in the state for various reasons, he said Korea would start a new relationship with Odisha.

Notably, South Korean steel major had signed a memorandum of understanding (MoU) with the state government in 2005 to set up $12 billion steel plant at Jagatsinghpur. But it shelved the plan following legal hurdles in getting mining block and opposition to land acquisition.

( With inputs from IANS )