POSCO likely to venture into Odisha with yet another attempt at setting up a mega steel plant. The South Korean company has plans to make one of the single largest FDI for the steel plant, said official sources after a Roundtable on bilateral business opportunities between Odisha and South Korea.

It may be recalled that POSCO had initiated a mega steel plant project and dedicated port in 2005 and shelved it after failing to make much headway due to stiff people’s resistance against displacement .

Industries Minister Divya Shankar Mishra presented the avenues for investment and collaboration across identified focus sectors of the state.
He said Odisha is in the process of implementing a strategy document, Vision 2030 which aims at value addition of primary metal produced in the state. H.E Mr. Shin Bongkil, Ambassador of South Korea to India informed that 66 new
Korean Companies have entered India in the last one year . Korean companies have made an investment of US$17 million in 2020 despite the pandemic situation.

He informed that POSCO, the Korean Steel giant has plans to make one of the single largest FDI in the history of India to set up an integrated steel plant in Odisha. Dr Young Soon Park, Director, KOTRA said the Korean companies are very eager to work in the areas of Renewable Energy, Water Treatment & Smart City Projects. B2B meetings will be organized in September 2021 for exploring opportunities in Smart City Projects.

Dr Nitin B Jawale, IAS, Special Secretary, Department of Industries & MD, IPICOL showcased the strength & diversity of Odisha . He also elaborated on the Vision 2030 of Odisha. He informed that Odisha is expecting an investment of Rs 200000 crores.

The session was moderated by Mr J B Pany, Chairman, ICC Odisha State Council & Siddhant Kaul, Hon Consul General, Republic of Korea.