08:40 GMT +319 November 2019
Listen Live
    The Russian Railways logo

    Seoul May Receive Half of Share in Russia-N Korea Railway Project

    © Sputnik / Alexandr Demyanchuk
    Asia & Pacific
    Get short URL
    2017 Eastern Economic Forum in Russia's Vladivostok (28)
    0 41

    In joint Russian-North Korean project South Korean firm could receive 50% of Russian Railways's share.

    VLADIVOSTOK (Sputnik) — A South Korean side may receive half of the Russian Railways' share in the RasonConTrans company managing a Russian-Northern Korea railway project in case it joins it, Russian Far East Development Minister Alexander Galushka said Thursday on the sidelines of the Eastern Economic Forum (EEF) while commenting on the prospects to extend the Russian-North Korean Khasan-Rajin rail line.

    "Regarding Khasan-Rajin, the managing company there is RasonConTrans, where 67 percent is held by Russian Railways, and 33 percent by the North Korean side. Half of the Russian Railways' share is waiting for the South Korean partner," Galushka said in an interview with Sputnik.

    Moreover, Russia's Far East Investment and Export Agency and South Korean Trade-Investment Promotion Agency (KOTRA) signed a memorandum on the sidelines of the Eastern Economic Forum (EEF), providing for the establishment of a support center for South Korean investors in Russia, the press service of the Russian Ministry for the Development of the Russian Far East said in a statement Thursday.

    "According to the memorandum, on the basis of KOTRA's office in Vladivostok a support center for Korean investors will be established and a hot line will be set up. Using the hot line, investors will get information about investment opportunities in the Far East, about the tax concessions and benefits, business supporting measures in the Far Eastern Federal District. Korean Businessmen will also manage to make suggestions for the improvement of the investment climate in the macro-region and inform about the problems they faced while implementing an investment project by using the hot line as well," the statement said.

    Earlier in the day, Russian President Vladimir Putin said that it is necessary to involve North Korea in economic cooperation, and Russia has ideas to offer – "a joint road linking the Trans-Siberian Railway and the Korean railways through North Korea, pipeline transport, development of North Korean ports."

    The two-day EEF kicked off Wednesday, drawing over 3,500 participants from more than 50 countries. Several world leaders are attending, including Putin, Moon and Abe. Rossiya Segodnya International Information Agency is a general media partner of the forum.

    2017 Eastern Economic Forum in Russia's Vladivostok (28)


    Lavrov Comments on US Draft Resolution on North Korea
    North Korea’s Nukes Outpace Islamabad’s - ‘Father’ of Pakistan’s Nuclear Program
    US Uses North Korea's Escalation as 'Pretext to Maintain Its Presence in Region'
    US Military Action Against North Korea 'Not First Option' - Trump
    project, Eastern Economic Forum, Russian Railways, Alexander Galushka, Democratic Republic of North Korea (DPRK), Russia, Vladivostok, South Korea
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik