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Russian Far East, South Korea discuss business projects

November 15, 2011, 13:59 UTC+3

The share of South Korea in the total amount of foreign investments in the Russian Far East is about one percent

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VLADIVOSTOK, November 15 (Itar-Tass) — A business forum of Russia’s Far East and South Korea with participation of scientists, diplomats, economists and business executives was held on Tuesday in Vladivostok.

They discussed cooperation in the sphere of transport, logistics, electric power industry, agricultural production and fishery. Participants in the session marked that Russian-South Korean relations have expanding cooperation potentials. South Korea is traditionally one of the leading foreign trade partners of the Far East along with China and Japan.

However, investment cooperation is so far meagre. The share of South Korea in the total amount of foreign investments in the Russian Far East is about one percent.

“Primorye looks fairly well in this respect,” among other regions, the chairman of the regional legislative assembly, Viktor Gorchakov, said. According to him, several projects with participation of South Korean investments have been simultaneously implemented in the region over the past few years.

These are shipbuilding projects in Bolshoi Kamen, a plant producing electrical equipment in Artyom and the production of diode lamps in Vladivostok.

“The Korean side considers the construction of a gas-liquefying plant for further transportation of gas to countries of the Asia-Pacific region, as well as the project to connect the Trans-Siberian Railway with the Trans-Korean Railway,” Gorchakov said at the forum.

South Korean Consul General in Vladivostok Lee Yang Goo said the main thing “is to establish trust, without which productive cooperation is impossible”. South Korean business people are ready to sizably increase investments in the Far East, but so far the process is stalled because of underdeveloped infrastructure of the region.

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