India looking at possibility of setting up Korean Industrial Park

Prime Minister Manmohan Singh has conveyed to the visiting Korean President that the Posco steel plant in Odisha will confirm that “economic growth and environmental protection can go hand in hand.” After waiting for eight years, the Rs 52,000-crore project by the Korean steel major was awarded environment clearance recently.

Talks held

Addressing the media after delegation level talks with the visiting South Korean President Park Geun-hye, Singh said: “I am very happy that the large-scale Posco steel project in Odisha is set to be operational in the coming weeks, following the revalidation of its environmental clearance. Grant of mining concession for the project is also at an advanced stage of processing.”Stating that Korean businesses were the “vanguard of the discovery of India unleashed by the structural reforms in the early 1990s,” Singh told the Korean business community that as a result of further reforms, India offered greater avenues and opportunities.

Singh told the media that negotiations for revising the existing Double Taxation Avoidance Convention had been concluded, adding that the visiting dignitary had also agreed to set up a Chief Executive Organisations Forums, comprising captains of industry and commerce from both the countries, to give new ideas for deepening economic relations.

Industrial PArk

“We have been exploring the possibility of establishing a Korean Industrial Park in India,” the Prime Minister said.

A joint statement issued at the end of the talks between the two leaders said they welcomed the possibility of establishing a Korean Industrial Park in Rajasthan.

Singh also announced the Indian Government’s decision to extend ‘tourist visa on arrival facility’ to Korean nationals.

Addressing the media, President Park called for facilitating the setting up of Korean banks here, which will help further promote ties between the two countries.

To set up panel

A joint statement issued at the conclusion of the talks said the two sides agreed to establish the “ROK-India Joint Trade and Investment Promotion Committee” at the Cabinet level as an expanded and restructured replacement of the current “ROK-India Joint Investment Promotion Committee”.

The two sides also agreed to establish the ROK-India ICT Policy Forum and to hold the first Forum in 2014, in which cooperation on software and information security will be discussed.

(This article was published on January 16, 2014)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.