Trade Between Moscow, Pyongyang Should Be Raised to $1Bln - Official

Trade turnover between Russia and North Korea should be boosted to $1 billion, Deputy Head of the Upper House of the Russian Parliament Evgeny Bushmin said Friday.

MOSCOW (Sputnik) – In late February, North Korean Minister for Foreign Economic Affairs Ri Ryong Nam said that Pyongyang planned to increase trade with Russia to $300 million by year-end.

The minister added that the countries could increase the amount to $1 billion by the end of decade.

“Certainly, the goal is difficult, but it can be achieved within five years,” Bushmin said during the meeting with North Korean ambassador to Russia Kim Yong Jae.

In late March, Russia Far East Development Minister Alexander Galushka said that advanced development zones in the Far East and on North Korean territory may be developed with the participation of North Korea, South Korea and Russia. The respective proposals are currently under discussion, the official said.

“We will look for Russian investors to come to North Korea, we will expand range of the products delivered by North Korea to Russia to strike a balance between what we are delivering to North Korea and what North Korea is delivering to us,” the Russian official said.