POSCO for increased business ties with India

Eyeing further collaborations in India, a high-level business delegation from South Korean port city of Pohang, home to steel major POSCO, visited India recently and expressed its keenness to further bolster its trade ties with India in the steel sector The Dollar BusinessBureau

Union Minister for Steel Minister Narendra Singh Tomar was said to have invited Pahong city based major business players to invest in Indian government's initiatives

South Korean port city of Pohang, which is home to steel giant Pohang Steel Company or POSCO, (world's fourth-largest steelmaker) has recently expressed its keenness to further bolster its trade ties with India in the steel sector. As part of further boosting its economic activities and presence in India, a high-level business delegation from Pohang led by its Mayor Mr Lee Kang-deok recently participated in Government of India’s landmark pro-foreign investment event titled ‘Make in India Week’ that took place in Mumbai from Feb 13 - Feb 18, 2016. The landmark initiative that showcased India’s renewed focus on reviving the country’s manufacturing sector is said to have been well received by dozens of national and international players. In Delhi, Pahong Mayor Mr Kang-deok met Steel and Mines Minister Narendra Singh Tomar and discussed on various business opportunities available for the steel major in India. During the meet, while informing the business leaders about the Modi-led NDA government’s attempts at improving ease of doing business in India, the Iron and Steel Minister is said to have invited Pahong city based major business players to invest in Indian government's initiatives such as 'Make in India' and 'Digital India'. Worth noting is, as per the government sources, the issue of investments by POSCO in India also figured prominently in the discussions and the major focus points discussed included status of Finex-based integrated steel plant (proposed to be set up by POSCO and SAIL), collaboration in R&D and energy efficiency, green technologies and waste utilisation and supply of iron ore by NMDC from its mines to the steel mills in the Republic of South Korea.

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The Dollar Business Bureau - Feb 26, 2016 11:45 IST

POSCO for increased business ties with India

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