Posco satisfied with MoEF conditions: Korea

Kolkata: Korean Ambassador to India Kim Joong Keun on Friday said Posco was satisfied with the conditions laid down by the Ministry of Environment and Forests (MoEF) while according green signal to the project last month.

"Posco is satisfied with the conditions of the MoEF.

I do not find any big problem for launching the project," Keun said at an interactive session organised by the Indian Chamber of Commerce here.

He said Posco`s proposed investment of USD 12 billion was the largest Korean FDI in India. The Korean firm planned to set up a 12-tonnes steel plant, a captive power plant and a minor port in Orissa.

The envoy said Posco had been waiting for six years for launching the project.

He hoped the project would now get off the ground.

On Indo-Korean trade, he said the trade volume last year was USD 17 billion and Korean investments in India have gone up by 40 per cent over the last year.

He said Indian companies such as Tata Motors and Mahindra & Mahindra had made substantial investments in Korea.