Deputy Prime Minister Hong: "Expecting 'Korea-Russia Business Activity Agreement' for Primorsky Industrial Complex to be Signed Within the Year"

Congratulatory Address at the East Economic Forum 'Korea-Russia Business Dialogue'

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Sunhee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 3rd, "'The Yeonhaeju Industrial Complex' is a model case that can accelerate Korean companies' entry into the Far East and upgrade industrial and infrastructure cooperation between Korea and Russia," adding, "We expect achievements such as the conclusion of a corporate activity agreement between business operators of the two countries within this year."

Deputy Prime Minister Hong delivered a video congratulatory message at the Korea-Russia Business Dialogue of the Eastern Economic Forum held both online and offline in Seoul and Vladivostok, Russia, saying, "We must speed up the economic cooperation projects between Korea and Russia to produce visible results." This event was organized by the Korea International Trade Association and the Russian Chamber of Commerce and Industry, among others.

This year marks the 31st anniversary of diplomatic relations between Korea and Russia. Deputy Prime Minister Hong said, "It is a very meaningful and important time to commemorate the economic exchange achievements between the two countries over the past 30 years and to prepare for the start of a new 30 years of economic cooperation," emphasizing, "Korea-Russia economic cooperation must go beyond the existing 'Economic Cooperation 1.0' phase and be newly upgraded to an evolved 'Economic Cooperation 2.0'."

Hong stated, "In response to the structural transformation of the global economy, cooperation in new industries such as digital and green sectors must be closely expanded," adding, "We need to further develop the 'Korea-Russia Innovation Platform' that combines Russia's core technologies with Korea's ICT and applied technologies to strengthen digital cooperation between the two countries." In this regard, he urged Korean companies to participate in the Arctic hydrogen base construction project led by Russia.

He continued, "As the global supply chain restructuring movement becomes visible, building a new supply chain (value chain) between Korea and Eurasia will expand trade and investment opportunities and create a stable market for both countries," emphasizing, "We must steadily establish an institutional foundation through the conclusion of the Korea-Russia Service and Investment Free Trade Agreement (FTA) negotiations and the commencement of Korea-Eurasian Economic Union (EAEU) FTA negotiations." The Korea-Russia Service and Investment FTA, which began its first negotiations in June 2019, has held five official negotiation rounds to date. He also mentioned the need to strengthen economic cooperation governance between the governments and private sectors of both countries.

Deputy Prime Minister Hong concluded his congratulatory message by saying, "Korea and Russia have accumulated a crisis-overcoming DNA that has wisely overcome geopolitical and historical turmoil," adding, "If the DNA and capabilities accumulated by each country are properly combined, it can lead not only to overcoming crises but also to a new leap forward."

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