By Kang Seung-woo
POSCO, the Korean steel giant, is close to inking a sizable investment deal in Colombia, hoping to achieve synergy with the resource-rich country in an ideal match that could benefit both sides.
POSCO Chairman Chung Joon-yang met Friday with Colombian President Juan Manuel Santos to discuss business endeavors that include resource development, infrastructure construction and steel investment, company officials said Sunday.
Chung also talked with Serafino Iacono, chairman of Colombian natural gas and oil producer Pacific Rubiales Energy, and Alberto Losada, head of the local transportation giant, Fanalca Group, over possible partnerships.
The company expects to sign a memorandum of understanding (MOU) with the companies sometime next month.
“We are keeping a very close watch on Colombia, which is rich with underground resources such as iron ore, coal, petroleum and natural gas,” said a POSCO spokesman.
“In addition, the Colombian government and local firms there have genuine interest in POSCO contributing to developing resources and building infrastructure, so there is a good outlook for POSCO to make inroads into Colombia.”
Colombia is the fourth-largest economy in Central and South America behind Brazil, Mexico and Argentina, with a population of around 48 million.