By Bizodisha Bureau, Bhubaneswar, September 25, 2019: Odisha is once again wooing investment from South Korea even as the $12 billion Posco greenfield steel project – also billed as the country’s largest FDI failed to take off after years of waiting.

South Korean steel giant Posco’s proposed 12 million tonne mega steel plant on Odisha’s coast near Paradip could not take off due to stiff resistance by local people in acquiring land, primarily from betel leaf growers. However, the Odisha government took possession of 2700 acres of land and transferred 1700 acres to Posco India. But Posco backed out and surrendered the land as it found strong opposition for all sides.

Nevertheless, years later, Korean investors once again have evinced keen interest to invest in the mineral rich state.

“Odisha had received one of the biggest foreign investment proposals from Posco… Now, we hope to make a fresh start in Odisha,” said Shin Bong-kil, Ambassador of the Republic of Korea to India.

A delegation, led by the envoy, has revived possibilities of Korean investment, burying the ghost of Posco failure.

The Korean delegation included officials from top corporations like Samsung Electronics, Samsung India, LG Electronics, Hyundai Motors and Kia Motors as well as representatives from Korea International Trade Association, Korea Trade Insurance Corporation, Korea Plus and Korea Trade Investment Promotion Agency.

“We had presentation from the government. It was very interesting. It is for the first time that a state government has translated its contents in the Korean language. I’m very much impressed with the facilities in Odisha”, the Korean ambassador said.

When asked if Odisha had the potential to attract investments in auto manufacturing, Shin said, “At the moment, Andhra Pradesh offers the best environment, best incentives actually. Odisha has become a very (investor) friendly state of late. But it will take time for investments to happen.”

He said that Korean auto major Kia Motors had set up a manufacturing plant in Anantapur district in Andhra Pradesh. Spread over 536 acres, the facility has been established at a cost of over $1 billion.

The delegation visited industrial estates like Infovalley-II, Khurda industrial estate and also the portion of land identified to be developed as ‘Korean industry cluster’.