Seoul Sees Potential for Economic Cooperation With Moscow

South Korea puts hopes on the development of economic ties with Russia, the country's top diplomat said.

MOSCOW (Sputnik) — South Korea sees high potential for the development of economic relations with Russia on the Far East, Foreign Minister Yun Byung-se said Monday.

"We agreed that there [in these regions] is high potential for bilateral economic cooperation, especially on the Far East," Yun said at a joint press conference with Russian Foreign Minster Sergei Lavrov.

He added that both sides agreed to cooperate not only in automotive industry, electricity, agriculture, but also in the development of the Arctic, ecology, medicine and "other new areas."

According to Yun, Seoul expects to intensify the mutual trade, which reached "the highest levels in 2014".

"In this regard, I would like to remind that at today's meeting we agreed to take to a new level a synergistic effect between the Eurasian initiative and the policy of the Far East development," the minister said.

Yun's visit to Russia started on June 12 and will last till June 14. This is his first official visit to the country since he took office in 2013 and the first such visit by a South Korean foreign minister in five years.