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Russia's Far East May Attract $3-Bln Investment From South Korea - Ministry

© Sputnik / Prihodko / Go to the photo bankView of Petropavlovsk-Kamchatsky
View of Petropavlovsk-Kamchatsky - Sputnik International
Russia will try to attract investment from South Korea in the amount of $3 billion during the upcoming meeting of the bilateral government committee, Deputy Minister for Development of Russian Far East Alexander Krutikov said Tuesday.

VLADIVOSTOK (Sputnik) — South Korea's investors are currently implementing six projects worth $70 million in Russia's Free Port of Vladivostok, a special economic zone established in October 2015, and Territories of Advanced Development in Russia's Far East, the official added.

"Now we have to focus on increasing volumes of investment cooperation. In this regard, I think it is reasonable to set a target of at least $3 billion investment cooperation [level] for the next three years during upcoming meeting of our intergovernmental commission," Krutikov said at the ninth meeting of South Korean — Russian Far East and Siberia Committee as quoted in the statement of the ministry.

South Korean Deputy Foreign Minister for Political Affairs Lee Jeong-kyu noted that the goal was very ambitious and would be attractive for Seoul.

"As for the reaching $3 billion investment within three years, it is a relatively ambitious goal, our governments should study this goal in detail. It could be discussed at the meeting of our economic commission, the goal is attractive," Lee said.

The Ministry for Development of Russian Far East also suggested expanding the format of participation of South Korean business delegations within the framework of the Third Eastern Economic Forum that is due to take place in Vladivostok on September 6-7. The sides are expected to hold traditional Russian-Korean business dialogue, which could be enlarged by a meeting between the heads of Russian and South Korean delegations.

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