After POSCO exit, Odisha govt rolls out red carpet for Korean industries

Bhubaneswar: Couple of years after the ambitious POSCO project failed to take off in Odisha, the State Government has initiated efforts for attracting investments from South Korean industries.

Shin Bong Kil, Ambassador of the Republic of Korea, today met Odisha Chief Minister Naveen Patnaik at the Lok Seva Bhawan here with a nine-member business delegation and evinced keen interest in investing in the state in various sectors, official sources said, adding that the CM has welcomed Korean industries for exploring investment opportunities.

Welcoming the Korean Ambassador and the business delegation, Patnaik said that there is a significant opportunity for both Korea and Odisha to strengthen trade, investment and tourism exchanges. Speaking about Odisha’s six focus sectors– Electronics manufacturing, Petroleum, Chemicals and Petrochemicals, Textiles, Tourism and Downstream to Metal and Food Processing– he said the state would facilitate the growth of these industries by providing a conducive business environment, industry-ready infrastructure and skilled workforce.

Expressing that Korea and Odisha have many possibilities to collaborate across identified focus sectors, he said the state would soon promulgate a strategy document, Vision 2030, which aims to ensure that 50 percent of the primary metals produced in the state is value-added within the state.

“In addition, Bhubaneswar is home to some of the largest IT companies in the world and with the advent of embedded systems driven Industry 4.0, the planned electronic manufacturing cluster, with ready-built sheds and a walk-to-work development plan, near the IT behemoths would be an ideal place for electronics products manufacturing by Korean companies,” the CM said.

“I would like to take this opportunity to invite all industries from the Republic of Korea to come visit Odisha and explore the new opportunities that the state has to offer,” he added.

The Korean Ambassador appreciated the vision of the Chief Minister and the keenness of Odisha Government for investment and industrialisation in the state. He expressed strong possibilities of investment in various sectors including agriculture, horticulture, fisheries and services.