8 June 2018

Yuri Trutnev Makes Working Visit to Republic of Korea

On 7–8 May, Yury Trutnev, Deputy Prime Minster of the Russian Federation – Presidential Plenipotentiary Envoy to the Far Eastern Federal District, made a working visit to Seoul. During the visit, he met with Lee Nak-yon, Prime Minister of the Republic of Korea, and with Song Yong-gil, Chairman of the Presidential Committee on Northern Economic Cooperation.

The visit also included the meeting of the Intergovernmental Russia–Korea Joint Commission on Economic, Scientific and Technical Cooperation (IGC), co-chaired by Yury Trutnev and Kim Dong-yeon, Deputy Prime Minister, Minister of Strategy and Finance of the Republic of Korea.

The IGC discussed the issues of enhancing cooperation in energy and production industries, infrastructure and innovations. It was noted that the Republic of Korea is number 8 in the Russian goods turnover among the non-neighbouring countries and is second among Asian trading partners. In 2017, the trade turnover between the Russian Far East and the Republic of Korea amounted to USD 7 billion, which is 29% more than in 2016.

“We should extensively discuss the 9 Bridges initiative proposed by the leader of the Republic of Korea at the 3rd Eastern Economic Forum and analyse the situation regarding the implementation of investment projects involving Korean capital in the Russian Far East,” said Yury Trutnev.

Currently, six projects are being implemented in the Far East with the participation of investors from the Republic of Korea totally worth USD 50 million. In addition, six more projects that involve South Korean capital are being negotiated, with a total investment amount to USD 1.1 billion. In order to further attract investment ,Vladivostok hosted the Second Day of the Korean Investor in March. As Alexander Krutikov noted at the IGC meeting, two more Days are planned for 2018.

Additionally, during his visit to the Republic of Korea, Yury Trutnev held a meeting with representatives of the South Korean business community that are planning or implementing investment projects in the Russian Far East. Among the projects discussed at the meeting were the construction of a glass factory by KCC Corporation, the construction of a poultry complex by Dagro World, a production facility for medical diagnostic equipment (X-ray machines and MRI devices) by Medonica, setting up of an agricultural and bioeconomic cluster in Primorsky Krai by Arnica and LS Networks. The latter project involves, in particular, the construction of elevator complexes for the storage of maize, a starch plant and bio-factories for the production of a high-tech feed.

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