• KITA Held Korea-Russia Regional Cooperation Forum

    KITA Held Korea-Russia Regional Cooperation Forum                 


     - Introduced large-scale project in Far East Russia 'It will be the key platform for economic cooperation between the two countries' -


    The Korea International Trade Association (Chairman, Kim Young-joo) held a ‘Business Session’ at the POSTECH International Pavilion in Pohang City on November 8 by inviting the Russian delegations who were visiting Korea on the occasion of the ‘1st Korea-Russia Regional Cooperation Forum’.


    The event, which was held as the first official event of the 1st Korea-Russia Regional Cooperation Forum, was attended by more than 300 people including businessmen, local governments and scholars from both countries, and discussed in detail how to expand economic cooperation between Korea and Russia based on 9-Bridge and the specific ways to participate in projects that are being promoted by each region of the two countries.


    Kim Young-joo, chairman of the Korea International Trade Association, stressed, The Korea-Russia Regional Cooperation Forum is significant as it allows the two countries to expand business contact points at the local government level and to find practical collaboration projects depending on the specific needs of each other.


    On behalf of the Russian delegation, the Russian Minister of Development for East Russia Alexander Kozlov said, The Russian government regards development of Far Eastern Russia as a top priority among its policy tasks. He added, We are looking forward to active participation and cooperation from the Korean companies with rich global business experiences as Russia is promoting a variety of projects related to energy, logistics, tourism, and agriculture and fisheries in the Far East.


    The Mayor Lee Kang-deok of Pohang City expressed an ambition by saying, We will actively foster Pohang Yeongil Bay Port, which has a container port, and build an international passenger pier where large passenger ships can berth, and will become a base city of the East-Sea Rim and a hub for northern logistics.

    During the event, the projects that are being promoted or ongoing, such as Hyundai Engineering's development and modernization of Slavyanka port infrastructure, Pusan University Hospital

    s international medical cluster development project, the Korea Land and Housing Corporations Yeonhaeju industrial complex project, and the Najin-Hassan project, a representative project among the South, the North and Russia, were discussed and received attention from the participants who were willing to make inroads into the northern economic bloc.


    From Korea, some 200 companies and organizations, including Kwon Koo-hoon, the new North Korea Economic Cooperation Chairperson, Woo Yoon Kwon, the Korean ambassador, Lee Kang Deok Pohang Market, SM Line Corporation, Daewoo Shipbuilding & Marine Engineering, Hanwha Corporation, Dongwon Industries, Lotte International, Hyundai Asan, POSCO Daewoo, Sajo, LS Networks, Daewon GSI, Pohang and Andong Chamber of Commerce and Industry, and Korea Institute for International Economic Policy participated in the event.


    From Russia, major figures from the local government of the Far-East Russia, organizations and companies in the region, including Alexander Kozlov, the Russian Minister of Development for East Russia, Leonid Petukhov, General Director of the Far East Investment and Export Agency, Vasily Orlov, Governor of the Amur Region, Marina A. Subbota, Deputy Chairman of the Government of Kamchatskiy krai, Vladimir Solodov, Prime Minister of Sakha Republic, and Konstantin Bogdanenko, Vice-Governor of Primorsky Krai, took part in the event.


    Meanwhile, the Korea International Trade Association provided a conference by inviting Alexander Krutikov, the Deputy Minister for Development of Russian Far East and the representatives of local governments in the Russian Far East and Korean companies operating businesses in Russia.  The participating companies explained the status of their businesses in Russia and asked the improvement of the volatility of laws and complicated and unclear administrative procedures, that are considered difficulties when investing in Russia and entering into the market. The Deputy Minister Alexander Krutikov said, "We will do our utmost to improve the business environment and institutional maintenance to the level that Korean companies who want to enter into the market and cooperate can experience the differences."

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