The Odisha government today sought investment from Korea for the proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip.
The state's Principal Secretary, Industries, Sanjeev Chopra said Paradip PCPIR is an ideal destination for companies in the petroleum, chemicals and plastics sectors to invest and grow.
"The PCPIR at Paradip offers multiple strategic advantages such as easy availability of raw material for chemical and petrochemical downstream industries, sufficient port capacity to import feedstock, industry-ready labour pool, competitive power tariff, water availability," he said at the 2nd India-Korea Business Summit 2018, held in Delhi today.
It is one of the four proposed PCPIRs in the country and is located near the Paradip Port, one of the largest freight ports in India.
Chemicals, Plastics and Petrochemicals is one of the focus sectors in the Odisha Industrial Development Plan: Vision 2025, he said.
The project is also expected to create more than 6,00,000 direct and indirect employment opportunities, the principal secretary said.
The PCPIR at Paradip is being developed at an investment of Rs 13,643 crore and is spread over an area of 284 sq km.
India's biggest state-owned oil and gas corporation, Indian Oil Corporation Ltd is the anchor tenant with 15 MMTPA refinery under operation, while the other major companies present in the region are IFFCO, Paradeep Phosphates, Skol Breweries and Essar to name a few, an official said.
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