Korea-Russia Business Council Meeting Held: "Simultaneous Promotion of Future New Industry Discovery"

[Asia Economy Reporter Dongwoo Lee] This year marks the 30th anniversary of diplomatic relations between Korea and Russia and the first year of the New Northern Policy, providing an opportunity to revive economic exchanges between the two countries, which were contracted due to the novel coronavirus disease (COVID-19).

The Korea Chamber of Commerce and Industry announced on the 2nd that it held the "5th Korea-Russia Business Council Meeting" at Lotte Hotel in Jung-gu, Seoul, jointly with KOTRA and the Russian Strategic Planning Agency.

The Korea-Russia Business Council was launched in 2017 alongside the implementation of the New Northern Policy to support the activation of private economic exchanges such as increasing trade and investment and technological cooperation between the two countries.

At this meeting, about 100 government and business officials from both countries, including Park Geuntae, Chairman of the Korea-Russia Business Council, Artyom Avetisyan, Chairman of the Russia-Korea Business Council, Kim Beomseok, Deputy Director of the Northern Economic Cooperation Committee, and Aleksandr Marshalchev, Representative of the Russian Trade Representation in Korea, participated and discussed enhancing economic cooperation between the two countries in the post-COVID era through an online conference.

In his opening remarks, Park Geuntae, Chairman of the Korea-Russia Business Council, said, “Until the 30th anniversary of diplomatic relations, the scope of economic cooperation has continuously expanded in areas such as energy, aerospace, and advanced industries,” adding, “We hope that cooperation will deepen further in areas utilizing the Fourth Industrial Revolution, which will accelerate after COVID-19.”

Artyom Avetisyan, Chairman of the Russia-Korea Business Council, said in his welcoming address, “Over the past 30 years, economic cooperation between Korea and Russia has continuously strengthened,” and added, “To promote future cooperation, the Russian Strategic Planning Agency and the Russia-Korea Business Council will strive to further increase the scale of business project cooperation between the two countries.”

Experts at the meeting emphasized the importance of creating mutual benefits through economic cooperation between the two countries.

Ryu Hyejung, a lawyer at Jipyong Law Firm, in her presentation on ‘Trends and Responses in Russian Investment Law,’ stated, “Russia has continuously revised regulations necessary for the transition to a market economy, and U.S. economic sanctions do not restrict the use of the dollar or general transactions, so Korean companies can utilize this as an opportunity to resume business.”

During the meeting, there were presentations introducing investment projects by the Moscow regional government and discussing cooperation methods and prospects for advanced technology projects between the two countries with Vnesheconombank, the Russian state development bank. Additionally, strategies for post-COVID responses of Russian startups in tourism, education, and big data were discussed.

Kang Homin, Director of the International Headquarters at the Korea Chamber of Commerce and Industry, said, “As cooperation areas between the two countries are expected to diversify further in the post-COVID era, the Chamber will make greater efforts to promote cooperative relationships between Korea-Russia companies.”

This content was produced with the assistance of AI translation services.