The conditions include Posco spending 5 per cent of its investments (USD 600 million) on “enterprise social commitments” and delinking the steel project from the plans to have a captive port.
“I conveyed to President Park our hope that this project will confirm that economic growth and environmental protection can go hand in hand,” the Prime Minister said.
The company, which had originally announced to construct a mega steel plant of 12 million tonnes per annum capacity, has now divided it into 3 equal phases of 4 MTPA each due to land acquisition issues and delays in approvals.
The South Korean President expressed happiness over clearances given to the project and hoped that the economic ties between the two countries will witness further growth.
Singh said both sides are exploring the possibility of establishing a Korean Industrial Park in India.
He said it was agreed to set up a CEOs Forum comprising captains of industry and commerce from both countries to provide with new ideas for deepening the economic collaboration.
Updated on: January 16, 2014 16:04 IST
