The USD 12 billion Posco steel plant in Odisha, the largest FDI in India, Thursday finally got the go-ahead when visiting South Korean President Park Guen-hye and Prime Minister Manmohan Singh agreed to push ahead with it as the two sides also inked five agreements, including in defence and space.
President Park said while the Posco Integrated Steel Plant has been delayed, with the acquisition of land and environmental clearances now through, both sides should ensure smooth sailing for the 8 million tonnes per annum steel plant coming up in Jagatsinghpur in Odisha.
President Park said during her talks with Prime Minister Singh she proposed that both countries cooperate in defence and that india could purchase mine sweepers from her country.
India has agreed to provide visa on arrival to South Korea, which she appreciated.
Manmohan Singh said both sides have concluded talks on double taxation avoidance convention and are exploring the possibility of setting up a Korean industrial park in India.
He said both sides are to set up a CEOs' forum to provide ideas to boost trade.