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North Korea’s mineral wealth to pay for Russian projects

June 05, 2014, 14:19 UTC+3 VLADIVOSTOK
Plans sought to increase trade turnover between the two states to $500 million against $112 million last year
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© AP Photo/David Guttenfelder

VLADIVOSTOK, June 05. /ITAR-TASS/. Commercial mineral deposits in North Korea will be available as payment to Russian companies developing projects there, officials of both states have agreed.

And contracts won by Russian firms will be backed by both governments, Minister for the Development of the Russian Far East Alexander Galushka said on Thursday.

Galushka was speaking after two-party agreement on a mechanism of support for Russian projects in North Korea. The deal was sealed by an intergovernmental committee for co-operation in trade, economy, science and technology.

Plans sought to increase trade turnover between the two states to $500 million against $112 million last year, the minister said, noting a longer-term target of $1 billion.

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