Prime Minister Manmohan Singh said the “large-scale’’ Posco steel project in Odisha is set to be operational in the coming weeks, following the revalidation of its environmental clearance.
In a media statement after his meeting with Korean President Park Geun-hye, Singh said even the grant of a mining concession for the project was at an advanced stage of processing.
“I conveyed to President Park our hope that this project will confirm that economic growth and environmental protection can go hand in hand,” said Singh.
Park’s visit saw the two countries signing as many as nine pacts, including one for cooperation in peaceful uses of outer space. After the talks, Singh also announced that negotiations for revision of the existing Double Taxation Avoidance Convention have concluded.
“We have just concluded wide-ranging discussion on matters of bilateral interest and regional and global importance. This has enabled us to impart further substance, greater content and new momentum tothestrategic partnership between our two countries,” Singh said.
The talks saw the two sides discussing at length political and security cooperation. They decided to establish an annual interaction between the “national security structures” of the countries besides agreeing to launch a cyber affairs dialogue.
During the talks, both sides recognized the possibility of defence trade and joint production of military equipment by further promoting collaboration between defence research organizations.
The PM hoped that the agreement on protection of classified military information will also boost defence engagement between the two countries. “In the area of science and technology, our collaboration has been highly rewarding, with many practical projects being financed through the $10 million joint fund that we established in 2010,” Singh said.
The leaders deliberated on regional issues, particularly developments in the Korean peninsula. “The visit of President Park has imparted fresh momentum to our partnership. I am confident that our talks today have laid out a road map for the expansion and enhancement of our strategic partnership in the coming years,” the PM said.
Park said she requested Singh to allow South Korean banks to operate in India. In an apparent reference to North Korea, she said the peninsula was facing a nuclear threat and efforts must be made to ensure peace in the region.
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