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Russia to explore ways to help S. Korean investment in Far East

All News 09:25 September 06, 2019

By Kim Kwang-tae

SEJONG, Sept. 6 (Yonhap) -- Russian Deputy Prime Minister Yury Trutnev has said Moscow will explore ways to facilitate South Korean investment in the Russian Far East, South Korea's finance ministry said Friday.

Trutnev, who also serves as President Vladimir Putin's envoy to the Russian Far East, made the comments Thursday in a meeting with South Korea's Finance Minister Hong Nam-ki on the sidelines of the fifth Eastern Economic Forum in Russia's Far East city of Vladivostok.

The two agreed to make efforts to ensure that the two countries can produce tangible results at an annual economic meeting set for Sept. 24 in Moscow.

In June, South Korean President Moon Jae-in met with Putin during a Group of 20 summit in Japan and they set a goal of increasing two-way trade volume to US$30 billion by 2020 from $24.8 billion in 2018.

Also in June, the two sides launched free trade negotiations in the service and investment sectors as they seek to broaden partnerships on science, information and communications technology, innovation, health care and medical services.

On Thursday, Hong proposed the creation of a massive investment fund with Russia to develop key industrial materials, parts and equipment.

The offer is the latest in a series of South Korean efforts to cope with Japan's curbs on exports to South Korea of key industrial materials over a historical issue.

The same day, Hong met with Chinese Vice Premier Hu Chunhua and they shared a consensus for boosting economic cooperation. China is South Korea's largest trading partner.

Hong also held a separate meeting with Vietnamese Deputy Prime Minister Trinh Dinh Dung and North Korea's Vice Premier Ri Ryong-nam, his ministry said, without giving any further details.

Hong was to visit the Zvezda shipyard in the Russian Far Eastern city of Bolshoi Kamen on Friday before returning home.


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