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Korean investment a priority: PM

world Updated: Mar 27, 2012 02:31 IST
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Investment from South Korea is a "priority" for India, visiting Prime Minister Manmohan Singh said on Monday, adding that the government was taking "proactive" steps to improve the business climate and move forward with the Rs 52,000-crore Posco steel project in Orissa that has been plagued by farmer protests.

"Investment from Korea is a priority for India," Singh said in his address to South Korean CEOs during his two-day official visit to the country. "We will take pro-active steps to address investor grievances and improve the business climate in the country. I urge Korean industry to have faith in India."

At least 20 Korean CEOs, including those of Korea Electric Power Corporation, Samsung Electronics, Tata Daewoo, Ssangyong Motors, Hyundai Motors and Doosan Heavy Industries attended the meeting.

"I recognise that sometimes our processes can be slow but there are effective mechanisms for resolution of problems and differences and a strong rule of law," he added. "The government is keen to move forward with the Posco project and there is some progress in this regard. India is a stable and profitable long-term investment opportunity."

Before his departure, the Prime Minister's Office had reviewed progress of the Posco project.

(With PTI & IANS inputs)

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