Posco satisfied with MoEF conditions: Korea

Kolkata, Feb 18 (PTI) Korean Ambassador to India KimJoong Keun today said Posco was satisfied with the conditionslaid down by the Ministry of Environment and Forests (MoEF)while according green signal to the project last month.

"Posco is satisfied with the conditions of the MoEF.

I do not find any big problem for launching the project," Keunsaid at an interactive session organised by the Indian Chamberof Commerce here.

He said Posco''s proposed investment of USD 12 billion wasthe largest Korean FDI in India. The Korean firm planned toset up a 12-tonnes steel plant, a captive power plant and aminor port in Orissa.

The envoy said Posco had been waiting for six years forlaunching the project.

He hoped the project would now get off the ground.

On Indo-Korean trade, he said the trade volume last yearwas USD 17 billion and Korean investments in India have goneup by 40 per cent over the last year.

He said Indian companies such as Tata Motors and Mahindra