Posco's Odisha steel project to be up and running in a few weeks: PM

Prime minister Manmohan Singh today announced the resurrection of Posco's mega steel project in Odisha, following the revalidation of its environmental clearance.

He said the project will be operational in the coming weeks, and that the grant of mining concession for the project is also at an advanced stage of processing.

Announcing this after a meeting with visiting South Korean president Park Geun-hye, the prime minister said, ''This project will confirm that economic growth and environmental protection can go hand in hand.''

Besides, the prime minister said, the two countries have agreed on sustaining trade growth and expanding economic exchanges that are vital for a stronger India-Korea relationship.

He said, Korean businesses like Hyundai and Samsung were in the vanguard of the discovery of India unleashed by our structural reforms in the early 1990s. ''Today, as a result of further reforms, India offers greater avenues and opportunities for them.''

He said he had wide-ranging discussions with President Park on matters of bilateral interest and regional and global importance. ''This has enabled us to impart further substance, greater content and new momentum to the strategic partnership between our two countries.''

The two countries have concluded discussions on a revision of the existing double taxation avoidance convention.

Other topics included exploring the possibility of establishing a Korean industrial park in India, besides setting up of a CEOs forum comprising captains of industry and commerce from both countries to provide new ideas for deepening bilateral economic collaboration.