South Korea hints at dropping Posco plant

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Posco's proposed Rs 52,000-crore steel plant may not ever come up in Odisha with South Korea's ambassador to India Cho Hyun dropping hints that even his government, which was earlier pushing the project at government-to-government level, has lost interest in it.

Hyun met Odisha chief minister Naveen Patnaik during his visit to Bhubaneswar on Friday and discussed trade opportunities for South Korea in the coastal state. However, official sources admitted, he did not broach the topic of Posco, billed as the largest foreign direct investment (FDI) in India, at the meeting."It is now for the company (Posco) to decide whether it wants to set up the project or not," Hyun told reporters after the 15-minute meeting. 

Asked if the South Korean government would no longer push the project, he gave a vague reply, saying the Korean government would honour the decision taken by the company based on its commercial considerations."South Korea has many other things to offer to the state, not just Posco. We should not focus only on Posco," Hyun said.

Source TOI

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