Putin Touts High-Tech Opportunities in Korea

13 November 2013 | Issue 5255

The Moscow Times

Presidential Press and Information Office

Putin speaking to South Korean president Park Geun-hye in Seoul.

President Vladimir Putin encouraged greater economic integration with the Pacific Rim countries and prioritized partnerships with South Korea in the field of high technology at a meeting in Seoul on Wednesday, Interfax reported.
"We propose to put the main wager on integrating economically into the Pacific Rim, attracting direct foreign investments, and creating concrete conditions for the placement of export-oriented production facilities, primarily those focused on the Pacific Rim markets," Putin said, adding that he hopes Korean businesses will be actively involved in making these plans a reality.

The president outlined several partnership opportunities that could interest Korean investors, including developing infrastructure on the Northern Sea Route to deliver hydrocarbons, and joint use of the transport corridor between the countries of the Pacific Rim, Central Asia and Europe.
The Russian Direct Investment Fund and Korean Investment Corporation are already creating a joint investment vehicle worth $1 billion.
Bilateral trade between the Russia and South Korea increased 13 times over the last 10 years to reach about $25 billion in 2012, Putin said. This number already surpassed the $18 billion mark in the first nine months of this year. But while trade between the two countries is growing, it still trails behind South Korea's turnover with the United States, Japan and China.

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