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Russia-North Korea Najin project meets South Korea’s interests

November 20, 2013, 15:24 UTC+3 SEOUL
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SEOUL, November 20. /ITAR-TASS/. South Korean companies’ drive for joining Russia’s project to develop the North Korean port of Najin will meet the interests of South Korea, Minister of Unification Ryu Kil Jae said at a parliament session on Wednesday.

At the same time, the minister said the work “is not linked to the so-called May 24 sanctions that ban any economic and social exchanges between the two Koreas”.

The sanctions were imposed when the Republic of Korea accused Pyongyang of sinking the Cheonan corvette in the Yellow Sea in 2010. Forty-eight naval mariners died in the incident.

“We consider the Najin project within the Eurasian initiative. It is a very important project, which will help promote Seoul’s interests,” the South Korean minister said.

Last week the Russian-South Korean consortium, which involved POSCO steel-making company, Hyundai Merchant Marine and Korea Railroad Corp signed a memorandum on mutual understanding. The consortium will take part in the Russian-North Korean project.

Other South Korean companies are planning to acquire a stake in RasonKon Trans, a Russian-North Korean joint venture.

The project was launched in 2008 and costs $340 million.

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