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Samsung to stay in Russia despite rubles weakening

September 08, 2015, 9:50 UTC+3 VLADIVOSTOK

The company's president says there are some obstacles due to the ruble exchange rate and general slowdown in the Russian economy, but Samsung can find new opportunities in the Far East

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© ITAR-TASS/Marina Lystseva

VLADIVOSTOK, September 8. /TASS/. The South Korean company Samsung Electronics will stay in the Russian market, despite existing problems in the Russian economy and the weakening of the ruble, the company’s president Sang Jin Park told TASS at the Eastern Economic Forum in Vladivostok.

"We will stay on the Russian market under any circumstances," he said. "There are some obstacles due to the exchange rate [of the ruble — TASS] and general slowdown in the Russian economy, but we can find new opportunities in the Far East," the company’s president said. "We have been working in Russia for 25 years, we have invested $250 mln in Samsung Electronics plant in Kaluga region, 1,500 people are working there, so over the years we have overcome many difficulties," he said.

"I really liked the President Putin’s speech on September 4, and I felt his strong will and desire to develop the region," Samsung President said.

The first Eastern Economic Forum (EEF) was held in the Far Eastern Federal University on the Russky Island from September 3 to September 5, 2015. The Forum presents the region's investment opportunities and projects. The total expected sum of contracts and agreements to be signed at the Forum is valued at 4.7 trillion rubles ($70 bln).

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