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Russia, S Korea to invest $1bln into North Caucasus tourism cluster

November 02, 2011, 15:15 UTC+3

South Korea’s investments into the first stage of the project will total 300 million dollars

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ST PETERSBURG, November 2 (Itar-Tass) — Russia and South Korea set up a joint venture to supply electric power and heating to the North Caucasus tourism cluster.

The North Caucasus Resorts Company, Korea Western Power Co., and CHT Korea signed the deal within the framework of the Russia-Republic of Korea Dialogue in St. Petersburg on Wednesday.

The joint venture will build five new environmentally advanced power stations, a complex of solar and wind generators, and carbon purification and sequestration systems.

South Korea’s investments into the first stage of the project will total 300 million dollars.

“The approximate volume of the South Korean investments into the North Caucasus region will reach around one billion dollars and taking into account possible projects in other Russian regions, this figure can be increased,” the chairman of the North Caucasus Resorts Company, Akhmed Bilalov, told Itar-Tass after the signing ceremony.

He underlined that the joint venture’s priority will be electric power production and supply to the territory of the North Caucasus. Along with this the joint venture’s map of operations is not restricted by the North Caucasus and can implement projects in other Russian regions, in particular in the Far East and Siberia.

“Our partners’ choice is not accidental. Korea Western Power Co. is known for its modern technologies in traditional and alternative sources of energy production and the use of natural energy. Taking into account environmentalists’ high interest in the project on the creation of the North Caucasus tourism cluster we should become the leaders in using the most environmentally friendly technologies and products,” Bilalov said.

“Sochi is a city well known in the Republic of Korea,” said President and CEO of Korea Western Power, Kim Moon-Duk. “In 2014 Sochi will host the Winter Olympic Games and in 2018 the Olympics will take place in South Korea’s Pyeongchang. Our company will also supply electric power to ski slopes and other infrastructure for the Winter Olympic Games. We worked in this sphere before and we are sure of our opportunities.”

“We have vast experience and we hope that the project will be successful not as it is, but it will also play a significant role as concerns further development of relations between Russia and South Korea,” he said.

The project on the creation of the tourism cluster in southern Russia envisages the construction of five world class ski resorts in 2011-2020. The project includes the construction of 179 ski chairlifts and of almost 900 kilometers of ski pistes.

Every year the North Caucasus resorts will be able to receive from 5 million to 10 million tourists.

Earlier the French investors joined the project.


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