Martial Arts, Hosts '2021 Han-Ro Economic Outlook Seminar'

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) jointly held the '2021 Korea-Russia Economic Outlook Seminar' online on the 10th with Business Russia, a Russian economic organization.

At the seminar, marking the 30th anniversary of Korea-Russia diplomatic relations, achievements to date, future cooperation directions, next year's Korea-Russia economic outlook, the Russian business environment, and cases of market entry were introduced.

Nonna Kagramanyan, Vice President of Business Russia, stated, "With the global economic downturn and increasing uncertainty in the global economic and trade environment, cooperation between the two countries has become more important than ever," adding, "We will continue to support exchanges between KITA and companies and discover new cooperative projects."

Following this, Kim Kyung-hoon, Research Fellow at KITA's International Trade and Commerce Research Institute, who presented on the topic of '2021 Korea Trade and Economic Outlook,' said, "Next year, Korean exports are expected to increase by 6.0% compared to the previous year due to global economic recovery and a moderate rise in oil prices," and added, "As the transition to a digital economy accelerates, exports of semiconductors and secondary batteries are showing strong performance, while bio-health-related exports such as biosimilars and vaccines are also expected to increase due to the impact of COVID-19."

Oleg Pirozhenko, Economic Officer at the Russian Trade Representation in Korea, said, "The forecast for Russia's economic growth rate next year is 3.3%, indicating some recovery," and added, "With economic recovery, Russian private consumption and corporate investment are also expected to expand, which will present opportunities for Korean companies."

Cho Hak-hee, Head of KITA's International Business Division, said, "As the industrial landscape rapidly changes due to COVID-19, economic cooperation between the two countries is also expanding from traditional manufacturing cooperation to digital and technological cooperation," and added, "Our association will actively promote various projects to support member companies' expansion into Russia, including one-on-one meetups with Russian companies."

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