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/ India News / 2007 / July 2007 / July 24, 2007 Government wants to facilitate Posco project in Orissa: Paswan |
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Minister for Steel, Chemicals and Fertilisers Ram Vilas Paswan today said that the Government wants to facilitate the Posco Steel Project in Orissa.
New Delhi, July 24 : Minister for Steel, Chemicals and Fertilisers Ram Vilas Paswan today said that the Government wants to facilitate the Posco Steel Project in Orissa.
He said this in a meeting with South Korean Ambassador to India Mr. Paek Young Sun who called on him today.
Paswan's comments assume significance in the light of India and South Korea commencing talks on a Comprehensive Economic Partnership Agreement (CEPA) here, with the objective of opening each other's market through the elimination of duties
Welcoming the investment programme by South Korea, Paswan said that New Delhi has set up an Inter Ministerial Group headed by the Secretary, Ministry of Steel, to expedite the implementation of large steel projects.
Paswan further said that Korean companies like Hyundai, Dusan, Samsung and Posco have vast experience in heavy engineering and construction, and they could participate in the expansion programme of the Steel Authority of India Limited (SAIL) and the Rashtriya Ispat Nigam Limited (RINL).
Stating that the Posco project was the single largest overseas investment in India, the Korean envoy sought Paswan's cooperation in this regard.
On June 22, 2005 the Government of Orissa signed a Memorandum of Understanding with global steel giant, for the construction of a steel plant as well as development of iron ore mines in the state.
However, the project ran into trouble with farmers in Jagatsinghpur District protesting against the proposed project.
The region has witnessed a series of demonstrations since the MoU to set up a 12 billion steel plant was signed. The plant is to come up near the port town of Paradeep by 2016.
The Korean firm has acquired 1,135 acres out of a total 4,000 acres that it needs for the 12 billion dollar steel plant.
The two countries commenced CEPA talks in March 2006 after receiving the green signal from a Joint Study Group.
Both India and South Korea are in the process of signing several Free Trade Agreements (FTAs) in the goods, services and investment sectors.
ANI
