Hong Nam-ki: "Korea-Russia Set Trade Target of $30 Billion and 1 Million People-to-People Exchanges This Year" (Update)

Focused Promotion of the 12th Korea-Russia Joint Brand Program

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 21st, "This year marks the 30th anniversary of Korea-Russia diplomatic relations, and we have set goals of $30 billion in trade and 1 million people in people-to-people exchanges."

Deputy Prime Minister Hong made this announcement during the "Korea-Russia 30th Anniversary Commemorative Project Preparation Committee Meeting" held at the Government Seoul Office in the morning. At the meeting, he identified the four key areas of the Korea-Russia 30th anniversary commemorative projects as ▲ Shared Prosperity ▲ Future Orientation ▲ Creative Innovation ▲ Open Participation.

He said, "As the Moon Jae-in administration has vigorously promoted the New Northern Policy, cooperation with Russia as a core partner in this collaboration has gained even greater significance," adding, "We expect an expansion of bilateral cooperation not only in economic cooperation projects but also in diplomacy, culture, and the arts." He further stated, "Both countries have agreed to form respective preparation committees for the 30th anniversary commemorative projects, with Deputy Prime Minister Trutnev leading the Russian side and myself serving as the chairperson on the Korean side."

The preparation committee will discuss strategies, directions, various projects in the four key areas, and the selection and implementation plans for joint brand projects related to the anniversary projects, and will consult with the Russian side as soon as possible. Initially, detailed projects will be developed based on 162 projects from our side and 180 projects from the Russian side.

Looking at the project contents by the four key areas: ▲ In the Shared Prosperity area, cooperation among governments, companies, and industries of both countries and activation of platform projects in these fields ▲ In the Future Orientation area, commemorative and cooperative projects that enhance understanding among future generations such as youth historical experiences, youth forums, and youth art exchanges ▲ In the Creative Innovation area, cooperation between Russia, a country strong in basic and fundamental technologies, and Korea, which excels in applied technologies, through open innovation, science and technology, and health cooperation to form new global value chains and create synergy ▲ In the Open Participation area, expansion of cooperation among various sectors including cultural and artistic cooperation and cooperation between local governments will be promoted.

Regarding this, Deputy Prime Minister Hong said, "Among these four key areas of cooperation projects, we plan to select and focus on 50 projects under 12 major 'Korea-Russia Joint Brand Programs' that are symbolic, important, and effective for the development of bilateral relations," adding, "We hope this will be a valuable momentum to dramatically expand from the existing economic cooperation-centered consultation channels to other fields such as diplomacy, culture, arts, and youth exchanges."

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