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(LEAD) Finance minister stresses innovation at industrial trade fair in Russia

All News 15:47 July 09, 2018

(ATTN: UPDATES with latest details, background in paras 5-8)

SEJONG, July 9 (Yonhap) -- South Korea's chief economic policymaker said Monday that innovation is one of the important values sought after in many industries and stressed that positive changes from such innovation should be shared with many people.

Seoul's Finance Minister Kim Dong-yeon made the remarks in a keynote speech at INNOPROM-2018, the major industrial trade fair which runs in Ekaterinburg, Russia, from Monday to Thursday, according to the finance ministry.

The industrial trade fair has been held annually in Ekaterinburg since 2010.

This year, over 50,000 businessmen and government officials from 95 countries are expected to participate in the event.

South Korean Finance Minister Kim Dong-yeon speaks during the opening ceremony for the industrial trade fair INNOPROM-2018 in Ekaterinburg, Russia, on July 9, 2018. (Yonhap)

South Korea was selected as the partner country for this year's event, exhibiting innovative technologies and products of industry leaders and cultural programs and hosting business forums.

Over 100 South Korean companies, such as Doosan Infracore Co. and Hyundai Motor Co., showcased their cutting-edge technologies and products at the trade show, with their sectors ranging from mechanical engineering and robotics to automaking and power generation.

Their participation comes as South Korea and Russia have been seeking ways to expand bilateral business ties on various fronts, including energy, shipbuilding, transportation and fisheries.

Last month, the two nations' leaders agreed to conduct a joint study to check the feasibility of cross-border energy projects involving North Korea and prepare negotiations for a trade deal to bolster bilateral economic ties.


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