Bloomberg reported that South Korea's President Mr Lee Myung Bak is seeking Indian government support to clear the way for POSCO's planned USD 12 billion plant that's been delayed for about 3 years.

As per report, Mr Lee, to attend India's Republic Day celebrations on January 26th 2010, is seeking Prime Minister Dr Manmohan Singh's continued interest and support for the plant.

Mr Lee expects trade between the two countries and South Korean investments in India will expand because of the accord. He also hopes the two nations will cooperate in fields including nuclear power generation and development of resources.

POSCO chairman Mr Chung Joon Yang said on January 14th 2010 the company wants to start construction of the Orissa project this year. He is scheduled to be part of a business delegation visiting India along with President Lee.

POSCO said this month that it had secured India's permission to acquire 88% of the land needed for the plant and said it was continuing talks with residents to purchase the rest.

(Sourced from www.bloomberg.net)