Martial Arts and Russian Far East Arctic Development Minister Invited Business Meeting Held

[Asia Economy Reporter Jeong Hyunjin] The Korea International Trade Association (KITA) held a 'Business Meeting with the Minister of the Russian Ministry for the Development of the Russian Far East and Arctic' on the 2nd at COEX in Samseong-dong.

This event was held to review the current status of domestic companies' business in the Russian Far East region, communicate desired projects and suggestions for entry, and promote expanded cooperation between the two countries. Attendees included Cho Hakhee, Director of the International Business Division at KITA, Aleksei Chekunkov, Minister of the Russian Ministry for the Development of the Russian Far East and Arctic, Igor Nosov, President of the Far East and Arctic Development Corporation, and 20 representatives from companies operating in the Russian Far East such as Lotte Trading, STX, and Hyundai Corporation.

Director Cho said, "Based on a favorable environment for domestic companies, cooperation is expanding in various fields such as shipbuilding, agriculture, and logistics, and we look forward to future development." Minister Aleksei Chekunkov responded, "We welcome the entry of competitive Korean companies and will spare no effort at the provincial government level to support their participation in various projects."

During the meeting, company-specific issues and additional cooperation plans were discussed in various fields including ▲operation of farms and construction of grain warehouses in Primorsky Krai ▲LPG tank terminal project in the Kraskino area ▲modernization project of the Zvezda shipyard.

Seo Kwangsik, Executive Director of Lotte Trading, which operates farms acquired in Primorsky Krai, said, "Due to the Russian government's grain export restriction policy, export tariffs are applied to crops such as soybeans and corn, increasing the burden. It is necessary to consider tax benefits to promote exports, and for the domestic market, active support at the provincial government level such as logistics cost support and subsidies is needed."

STX CEO Park Sangjun said, "The LPG tank terminal project in the Kraskino area is nearing completion despite the impact of COVID-19, and we are awaiting final local permits and approvals. We will strive to complete the related permit procedures within this year so that the project can get on track."

Yeo Jongwook, Head of the Eurasia Office at KITA, added, "We have conveyed companies' suggestions and difficulties to the Russian side, and will continue to support the expansion of our companies' entry into the Far East region in cooperation with the Far East and Arctic Development Corporation."

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