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South Korean businessmen to discuss investments and Far Eastern projects in Vladivostok

March 05, 2:45 UTC+3 VLADIVOSTOK

Korean Investor Day will be attended by representatives of about 100 major Korean companies

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VLADIVOSTOK, March 5. /TASS/. Businessmen from South Korea will discuss new and operating investment Far Eastern projects on the Korean Investor Day that will be held in Vladivostok on Monday. The first meeting of the Russian-Korean Council for Business Development and Investments Support will also be held, the press service of the Ministry for the Development of the Russian Far East said.

"On [March] 5 Korean Investor Day will be held. About 100 major Korean companies that make account for more than half of the Republic of Korea’s gross domestic product will come to us. Chairman of the Presidential Committee on Northern Economic Cooperation Song Young-gil, who visited Russia as the Republic of Korea’s special presidential envoy, will come," said Alexander Galushka, the head of the Ministry for the Development of the Russian Far East.

According to the minister, the Korean Investor Day will feature negotiations on investment projects of South Korean investors in the Far East and the signing of the agreement on cooperation between the committees for northern cooperation and the Ministry for the Development of the Russian Far East.

A meeting of the working group of the Russian federal prosecutors and the Ministry for the Development of the Russian Far East on the protection of investors’ rights will also be held on March 5. "We’ve got a whole number of examples of encroachment upon businessmen’s rights, excessive pressure and inadequate operation of supervising authorities [that occurred] since the last meeting, which was held at the end of the year. All these cases will be studied in Vladivostok," Alexander Galushka said at a briefing earlier.

Cooperation between Russia’s Far East and South Korea

The Primorsky Region administration told TASS that the Republic of Korea is one of the three key partners of the region in trade and investments. In order to facilitate the partners’ work and make it more effective, the Center for the Korean Investors’ Support was established in Vladivostok. It informs foreign investors on preferential mechanisms created in the Far East, the system of taxation, the rules of customs registration, hiring of employees to enterprises and other information related to the implementation of investment projects.

The first Korean Investor Day was held in June 2017 in Khabarovsk and involved Hyundai, LS Networks and other companies. Projects worth more than $250 mln were inked with South Korea’s investors then.

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