India today assured South Korea that it is keen to move forward the delayed Rs 52,000 crore POSCO project in Odisha with Prime Minister Manmohan Singh asking top Korean CEOs to "have faith" in the country.

Stressing that "India is a stable and profitable long term investment opportunity", he said: "We will take proactive steps to address investor grievances and improve the business climate in the country...I urge Korean industry to
have faith in India." 

Before his departure for South Korea, the Prime Minister's Office had reviewed progress of the POSCO project with the Odisha government. Citing examples of LG, Samsung and Hyundai that recognised strengths and competitive advantages of the Indian economy, Singh said Korean companies were among the early investors to look at India as an investment destination. 

"Investment from Korea is a priority for India...Many States of our Union have been actively encouraging foreign investment and we will support these efforts," Singh said.