KHABAROVSK, June 27. /TASS/. The Russian Ministry for the Development of Russian Far East expects to increase the volume of direct investments from South Korea to projects for the development of the Russian Far East from $70 mln to $3 bln over 3 years, according to the Ministry’s press service.

"Now we need to focus on increasing the volume of investment cooperation. In this regard, I think it is viable to set the goal at our next meeting - achieving the volume of investment cooperation at a level of at least $3 bln in the next 3 years. The goal is ··absolutely achievable with full practical efforts from both sides," according to the statement by Deputy Minister Alexander Krutikov.

According to the Deputy Minister, currently the volume of direct investment of South Korean business in six projects in the territories of advanced development and the Free Port of Vladivostok reaches around $70 mln. "We are sure that this is only a test step from the Korean business and only the very beginning of our joint efforts," Krutikov said.

According to the Ministry, the trade turnover between the regions of the Far East and South Korea for the 4 months of 2017 grew by 25% compared to the same period last year and amounted to almost $2 bln.