Posco to invest $20 million in Gujarat: Korean ambassador

AHMEDABAD: South Korean steel giant Posco will establish a coil mill in Gujarat with investment of around $20 million, the country's Indian envoy said today.

"Posco is a big name in steel, they have decided to start a coil mill, probably steel coil, in Gujarat. That investment will be about 20 million. I do not know the area where they will start it. The project is already decided," Ambassador Joongyu Lee told reporters.

Lee, who was here to mark celebration of Korea day, also said that the state government had proposed `Exclusive Industrial Zone' for Korean companies. He added that there is already an exclusive industrial zone for Korean firms in Rajasthan.

Earlier in the day, Lee met Chief Minister Anandi Patel. A delegation of about 15 industrialists accompanied him.

"Apart from the big industries, I am encouraging SMEs (small and medium enterprises) to come and start business here in Gujarat," he said, adding that even the giants like LG and Samsung can think of Gujarat as a destination.

"We are going to do such event (Korea day) every year in two Indian states and this time we are doing it here in Gujarat and in Maharashtra.

He also praised Prime Minister Narendra Modi's `clean India' and 'make in India' campaigns.

"I always recall (when thinking of Modi) our late president Park Chung-hee. He did huge work for Korea. He always used to address the economic development and also did such campaigns. I very strongly feel Modi is like the late president Park Chung hee," Lee added.

"Korea's total investment in India, at present, is 3.5 million dollars but I am not satisfied with the amount with the inauguration of Modi government and with the new government policy I expect rapid investment in India in future," Lee said.