22 June 2018
On 22 June, during the visit of the President of the Republic of Korea Moon Jae-in to the Russian Federation, the Russia–Korea business forum was held, with representatives of the Russian and South Korean official, business, and expert circles taking part. The event was organized by the Korea International Trade Association (KITA), the Korea Trade-Investment Promotion Agency (KOTRA), the Roscongress Foundation and the Chamber of Commerce and Industry of the Russian Federation.
President of the Republic of Korea Moon Jae-in, Deputy Prime Minister of the Russian Federation – Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev, President of the Chamber of Commerce and Industry of the Russian Federation Sergey Katyrin, and Chairman of the Korea International Trade Association Kim Young Ju addressed the participants of the opening ceremony.
As Yury Trutnev noted in his speech, the Republic of Korea is one of Russia's leading economic partners in the Asia-Pacific region. In 2017 the volume of mutual trade between Russia and the Republic of Korea increased by 27.3% to $19.2 billion, and continued its growth in 2018. South Korean investors currently develop six projects in the Russian Far East, which total investments amounting to $50 million. As a result of the Day of the Korean Investor, which was held on 5 March this year in Vladivostok, new projects totaling more than $1 billion were put into operation. That involves the investments of such South Korean companies as Hyundai, POSCO Daewoo, KCC, Dagro World, and others.
“We are ready to provide a platform at the Eastern Economic Forum to discuss such projects as construction of the railway corridor connecting the northern and southern parts of the Korean peninsula, construction of the energy bridge and the gas pipeline from Russia to South Korea through the territory of North Korea,” Yury Trutnev added. He also said that in order to improve interaction with the Korean businesses, the Far East Investment and Export Agency opens an office in Seoul.
In turn, the head of the South Korean state Moon Jae-in said that Russia and the Republic of Korea have great potential for cooperation in advanced industries, as well as in the field of innovation that will provide high synergetic effect for both countries. “Today, the governments of the two countries will sign the memorandum of understanding on creating the platform for innovative cooperation. Korea will create the Russia-Korea Innovation Centre,” Moon Jae-in said.
As part of the Russian-Korean business forum, the CEO of the Roscongress Foundation Alexander Stuglev, and the chairman of the Korea International Trade Association Kim Young Ju, signed the agreement on cooperation between their organizations. A similar agreement on cooperation was signed between the Korea Institute for Advancement of Technology and the Russian Venture Company.
During the presentation session, Deputy Minister of Economic Development Azer Talybov, Vice-President of the Chamber of Commerce and Industry of the Russian Federation Vladimir Dmitriev, Director General of the Far East Investment and Export Agency Leonid Petukhov, Director General of the Korea Institute for International Economic Policy Park Young-ho and Director General of the Korea Maritime Institute Hwang Jin-hoi spoke on the prospects for economic and investment cooperation between Russia and the Republic of Korea.
The business programme of the forum was continued with the meetings between the Russian and South Korean business circles. The Russian part included representatives of such companies and organizations as the Far East Investment and Export Agency, the Association of Producers, Suppliers and Consumers of Aluminium, the Far East and Baikal Region Development Fund, Basic Element Group, PJSC Novatek, PJSC Rosseti, United Company RUSAL, JSC Russian Railways, JSC United Shipbuilding Corporation, JSC AtomInvest, and others.
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