Ahead of the Pack
http://www.msnbc.msn.com/id/9287443/site/newsweek/
South Korean firms have invested smartly in India, targeting its middle
class and export-platform potential.
By Jason Overdorf and George Wehrfritz
Newsweek International
Sept. 19, 2005 issue - In one whopping megadeal, South Korea has become
the largest foreign investor in Asia's second emerging giant, India. On
Aug. 31, Korean steelmaker Posco established a local subsidiary in the
eastern Indian state of Orissa, paving the way for a controversial mill
and mining complex that will cost the world's fifth largest steelmaker
$12 billion and employ some 40,000 workers once it's fully operational
in 2010. The behemoth dwarfs India's previous foreign-investment
centerpiece, a $3 billion power plant launched by Enron in 1993. Yet
even before shovels hit soil, Posco's arrival has triggered an outcry
among anti-globalization activists and opposition politicians, who see
a scheme to snatch, then export, Orissa's vast iron-ore reserves.
India
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Koreas
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