Far East plans to attract investment from South Korea

© Fotolia / Julia MashkovaДальний East. Archival photoFar East plans to attract investment from South Korea© Fotolia / Julia Mashkova

The Russian side proposed to increase over the three years investment cooperation in the Far East with the Republic of Korea to $ 3 billion, according to the Ministry.

«Now we need to focus on increasing investment cooperation. In this regard, I think it is appropriate at the next meeting of our intergovernmental Commission, which will take place in the near future, to fix the goal to achieve in the next three years the volume of investment cooperation at the level of not less than 3 billion dollars», — said the Deputy Minister of the Russian Federation for Far East development Alexander Krutikov at the XI session of the Russian-Korean Committee on the Far East and Siberia.

According to him, today the Korean investors in TOR and the Free port of Vladivostok is implementing six projects with a total investment of nearly $ 70 million.

As noted by the representative of the Korean side, Vice-Minister of foreign Affairs of the Republic of Korea Lee John Kyu, the achievement of the volume of investments in $ 3 billion within three years is quite ambitious goal. «Our governments must carefully consider the purpose, the matter may be discussed on our economic Commission, this goal is attractive enough. Because investment directly engaged in our company, we can support», — he added.

In addition, the Ministry of Russia proposes to expand the format of participation of the business delegation of the Republic of Korea at the third East economic forum in September in Vladivostok. Krutikov said that during the WEF planned traditional Russian-Korean business dialogue, and also considered the possibility of supplementing this format with participation of heads of the Russian and Korean delegations at the forum.