New Delhi: South Korean port city of Pohang which houses global steel giant Pohang Steel Company or POSCO is keen to promote economic and investment ties with India including in the steel sector.

A high-level business delegation from Pohang led by its Mayor Lee Kang-deok visited India this month to hold discussions both in Delhi and Mumbai (where the delegation was also part of the Make in India week.)

In Delhi Kang-Deok met Steel and Mines Minister Narendra Singh Tomar who visited South Korean firms from Pohang to invest in India taking advantage of schemes launched by the Modi government.

During the meeting, Tomar highlighted some of Modi government's initiatives such as ‘Make in India' and ‘Digital India' and "invited South Korea to invest in India and partner by knowledge exchange and technology transfer. It is understood that the Minister explained in detail how the government is improving ease of doing business in India.

The issue of investments by POSCO in India also came up for discussion. The talking points included status of Finex-based integrated steel plant proposed to be set up by POSCO(world's fourth largest steel maker) and SAIL; collaboration in R&D and energy efficient, green technologies and waste utilization; supply of iron ore by NMDC from its mines to the steel mills in Republic of Korea or South Korea.

Discussion were also held on developing value added products/special steels with collaborative arrangements from steel majors in Korea and design of Slag Granulation Plant(SGP) to introduce the technology in existing steel plants in India.

Talking to ET amid his meeting Mayor Lee Kang-deok said, "This is my first visit to India. The country is witnessing fast growth and there are huge opportunities here which South Korean companies can take advantage. POSCO has one of the world's best steel technologies. POSCO is also using FINEX technology.”

He also invited Indian investments in Pohang besides seeking more Indian students to POSTECH (Pohang University of Science and Technology.

It may be pointed out that POHANG mayor took special efforts to celebrate India's Republic Day in 2016. This was Republic Day celebration, the first in any city of South Korea outside Seoul.

Reporter Chaudhury