KITA News and Reports
  • Korea and Russia Seek Points of Contact between New Northern Policy and Economic Policy of Putin’s 4

    Korea and Russia Seek Points of Contact between New Northern Policy and Economic Policy of Putin’s 4th Term


    - KITA held Korea-Russia Business Forum 300 business people from the two countries discussed economic cooperation -



    The Korea International Trade Association (Chairman, Kim Young-joo) held the 'Korea-Russia Business Forum' in cooperation with the Russian Federation Chamber of Commerce in Moscow, Russia on June 22 (local time).


    300 government officials, including President Moon Jae-in, and business people from the two countries participated in the forum held under the theme of 'Peace Era of the Korean Peninsula and Prosperity of Eurasia' shared the new northern policy of South Korea and Putin’s reform policy for the fourth term and discussed the measures for economic cooperation in a various fields such as logistics, energy and high-tech industry. 


    President Moon Jae-in said in his keynote speech, “We have laid the groundwork for complete denuclearization and peaceful prosperity in the Korean Peninsula through the recent inter-Korean summit as well as the North Korea ? U.S. summit.” He stressed, "It is the right time to boost the three-way cooperation between the South, the North and Russia, and if the business people participate in the activities, the Korean government will actively support it."


    KITA’s Chairman Kim Young-joo stated in his welcoming speech, “Russia is pushing for New Eastern Policy focusing on manufacturing and high-tech industries in order to become a central country in Eurasia, and Korea is strengthening its connection with the northern continent in order to secure future growth engine.” He also added, "The two countries have strategic partnerships that will create tangible results at the point of contact between New Eastern Policy and New Northern Policy.”


    Deputy Minister Azer Talybov of the Ministry of Economic Development of the Russian Federation Deputy Minister Georgy Kalamanov of the Ministry of Industry and Commerce of Russia and Vice-President Vladimir Dmitriev of the Russian Federation Chamber of Commerce and Industry were presented as speakers and strongly hoped for close economic cooperation between the two countries by proposing a close partnership building with South Korea in order to improve economic conditions and foster import substitution industries in Putin's fourth term.


    As a Korean side’s speaker, Park Jung-ho, head of New Northern Policy Department at the Korea Institute for International Economic Policy, presented the future vision of Korea-Russia cooperation through seeking the strategic points of contact between Russia’s new eastern policy and Korea’s new northern policy. Director General of the Korea Maritime Institute Hwang Jin-hoi stated Linking the three countries' logistics networks will contribute to economic development of the Korean Peninsula as well as Eurasian region and stressed the urgency of connecting the transportation logistics networks among the South, the North and Russia.  


    CEO Jeong Young-kyoon of Heerim Architects participated in this forum with a view to making inroads into the architectural design market in Russia said Russia not only has an excellent potential but also is a strategic market to enter into the Commonwealth of Independent States (CIS) and Eurasia. He also expressed, At this forum, I was able to feel the strong will of the business people from both countries for the expansion of economic cooperation.


    Kim Dong-yeon, the Minister of Strategy and Finance and a Deputy Prime Minister of South Korea, Paik Un-gyu, the Minister of  Trade, Industry and Energy, Kang Kyung-hwa, the Minister of Foreign Affairs, Yoo Young-min, the Minister of Science and ICT, and Do Jong-hwan, the Minister of Culture, Sports and Tourism, from the Korean government attended the forum. From the business community, 101 companies and organizations, including Korea Employers Federation, Samsung Electronics, Hyundai Motor, SK Innovation, LG Electronics, LS Group, Korea Electric Power Corporation, Korea Gas Corporation and Korea Railroad Corporation, took part in the forum.


    From Russia’s side, Deputy Prime Minister Yuri Trutnev of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District, Alexander Krutikov named Deputy Minister for Development of Russian Far East, Leonid Mikhelson, chairman of management board of NOVATEK (Natural Gas), and vice-president Kirill Kaem of the Skolkovo Foundation participated in the forum.


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