Russia is the territory of great possibilities for Korean enterprises

The delegation of Russian Federation headed by the Deputy Prime Minister — President Plenipotentiary Representative in the Far-Eastern Federal Region Yuriy Trutnev, including representatives from key ministries and governmental departments, organizations and companies and also regional executive authorities, participated in 15th Meeting of Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation. From the Russian side the following State officials were in attendance: Deputy Prime-Minister and 7 Deputy Ministers representing the Ministry of Economic Development, Energy, Transport, Education and Science, Sport, Industry and Trade, Developing of Russian Far-East accompanied by Russian Trade Representative and Extraordinary and Plenipotentiary Ambassador of Russian Federation to the Republic of Korea.

The Meeting took place from 23 to 25 August in Seoul, Korea. Tatarstan participated in negotiations as the most active region. The Republic of Tatarstan was presented by Ms. Taliya Minullina the Head of Tatarstan Investment Development Agency.

The delegation of host country was presented by the Ministries of Industry and Trade, Land, Property and Transport, Forestry and Livestock, Marine Affairs and Fisheries, Science and a representative of the Korean Embassy in Russia. The delegation was headed by Deputy Prime Minister, Korean Finance Minister Yu Il Ho.

Within the framework of the Plenary Meeting of the Commission the problems of trade-economic collaboration, electronic commerce issues and exchange of experience between RF and South Korea. «The parties agreed on collaboration in the areas of economy, science and technology» — the Ministry of Foreign Affairs of the Russian Federation reports.

«Russia is the territory of great opportunities for our enterprises and business» — the Deputy Prime Minister Yu Il Ho encouraged relevant departments and business representatives to focus their attention on Russia, emphasizing the potential for mutually beneficial cooperation between Russia and Korea in promising industrial areas.

«We can and we must develop mutually beneficial relations with Russia in several fronts» — Yu Il Ho had issued the instructions to the Ministers during the meeting of Intergovernmental Committee on economic and technical cooperation. — «Study it carefully and present proposals to discuss relevant initiatives».

Both sides agreed to strive on reaching free-trade agreement between South Korea and the Eurasian Economic Union. Some experts argue, this will encourage Economic Partnership between the two regions.

Russia-South Korea ties continue to expand, since the establishment of diplomatic relations in 1992. Created as a Consultative Organization at the level of Deputy Prime Minister, Collaborative Committee on Economic Cooperation affects relations between two countries considerably and is a conduit of economic cooperation at the dignitary level.

This year alone, several high-level meetings with Korea took place at the national level. Thus, during the period from 28 to 30 March 2016 the Head of Tatarstan Investment Development Agency, Ms. Taliya Minullina, headed the working visit of the representatives of the Republic of Tatarstan to South Korea. The delegation, particularly, included the representatives of Ministries of Industry and Trade, Informatization and Communication, Agriculture and Food of the Republic of Tatarstan. From 27 till 28 June 2016 Korean delegation headed by Extraordinary and Plenipotentiary Ambassador of the Republic of Korea to the Russian Federation, Mr. Park Ro-Byug performed a reciprocal visit to Tatarstan.

It is worth noting that this year the annual negotiations on deputy head of governmental level were held in the lead-up to the II Eastern Economic Forum which will take place in early September in Vladivostok. The Tatar delegation headed by the Head of Tatarstan Investment Development Agency will also take part in the Forum. The President of the Republic of Korea Park Geun-hye will be making a visit early next month to discuss the issues of cooperation with the President of the Russian Federation, Vladimir Putin.

«Korea takes 20th place on investment in Russia. Russia and Korea are among the top ten trading partners. However, now we have a slowdown in trade between Russia and South Korea, — Ms. Taliya Minullina, the Head of Tatarstan Investment Development Agency described recent negotiations. — Deputy Prime Minister of Korea have also noticed considerable difficulties in economic sphere of Russia, including the falling ruble, lowered oil prices and a number of other factors. Despite this, South Korean official called for active investing in Russia, considering it to be promising for investments. It is clear, if you want to invest, invest in Tatarstan. For it is Tatarstan leading in the federal rating for investment climate. In 2016, we started the investment projects with South Korea in petrochemical and agro-industry. We are also working on development projects. Citizens of Tatarstan and South Korea are two hardworking nations, and that is a sound basis for synergy».

© 2015 Cabinet of Ministers of the Republic of Tatarstan. In case of full or partial use of materials the reference is obligatory. Golden site