South Korean Companies Ready to Buy Foreign Businesses Leaving Russia

SEOUL (Sputnik) - South Korean companies have no intention of leaving the Russian markets and even consider expansion opportunities through acquisition of US and Japanese businesses that have left the country, Kim Yun Sik, the CEO of South Korean construction and mining company Shindong Enercom, told Sputnik on Monday.

"Companies that have entered the Russian market, such as Hyundai Motors, Lotte [Hotels and Resorts], CJ Group and others, do not at all consider ceasing their operation. On the contrary, they would like to buy US or Japanese companies that are leaving the market", Kim, who is also the honorary chairman of the FNE federation of Korean entrepreneurs, said.

South Korean companies, he said, would also like to buy out Japanese energy companies on [Russia's island of] Sakhalin and in other areas together with our Russian partners to turn them into enterprises producing green energy, for example, hydrogen.

South Korean exports to Russia decreased by 71% year-on-year in April and 56% in March, while the Korean imports from Russia increased by 44% in March and 8% in April. In the period from January-April 2022, the trade between the countries amounted to $9.3 billion, which is 24% more than last year.

In 2021, trade between Moscow and Seoul exceeded $27 billion.