South Korea Aims to Increase Investments in Russia

Trade between Russia and South Korea has grown significantly since the establishment of economic relations between the two countries, and Seoul plans to increase investment in the Russian economy, South Korean ambassador to Russia, Park Ro-byug, told Sputnik.

MOSCOW (Sputnik) — The ambassador said that "as the cooperation in the spheres of energy and infrastructure has a great potential, I want the preparatory work on these issues to continue."

"The bilateral trade in 2014 amounted to a record total of $25.8 billion, which is 134 higher than at the time of the establishment of diplomatic relations. ROK is stepping up its investment in Russia in the areas such as manufacturing — automobiles and consumer electronics, services sector, food industry, agriculture," Park said.

Economic relations between the Soviet Union and South Korea began in the mid-1980s as the USSR expressed readiness to cooperate closer with the Asia Pacific region, including Seoul. Following the collapse of the Soviet Union, Russia established diplomatic relations with South Korea, and the two countries started to boost mutual, primarily economic cooperation.

In September, the first Eastern Economic Forum was held in the city of Vladivostok on Russia's Pacific coast. Investors from both Koreas were among invitees.

"Our government hopes that Russia's new Eastern policy and the Korean Eurasia Initiative will produce a synergistic effect, and on this basis of the 25-year long Russian-[South] Korean economic relations will enter a more mature phase," the ambassador said.

Pan-Eurasian Transport Network

South Korea believes that Russia is one of Seoul's key partners in linking transport throughout the Eurasian continent, Park Ro-byug told Sputnik.

In 2013, South Korean President Park Geun-hye proposed the Silk Road Express project for Eurasian nations to create a network of roads and railways in the region. The network is expected to run from South Korea to Europe via North Korea, Russia and China.

"Hopefully, in the long term, we will also be able to carry out the Silk Road Express project, which involves the connection of the Trans-Korean Railway and the Trans-Siberian Railway [railways connecting Moscow with the Russian Far East and East Sea], This will create a transport and logistics network linking all Eurasia," he stated.

According to Park, in cooperation with the countries of the Eurasian region, Seoul hopes to continue transforming Eurasia into a continent "of unity, creativity and peace," adding that Russia is an important partner in the process.