World Economy

Korea Proposes Joint Fund in Russia’s Far East

Korea Proposes Joint Fund in Russia’s Far EastKorea Proposes Joint Fund in Russia’s Far East

The Industrial Bank of Korea has proposed setting up a joint fund to help promulgate infrastructure projects in Russia’s Far East, Deputy Prime Minister Yury Trutnev said on Tuesday at a Russian-South Korean business forum underway in Seoul.

 “Executives of the Industrial Bank of Korea have come up with a proposal to set up a platform, a joint fund for infrastructure projects in the Far East — the projects linked to shipbuilding and construction of shipyards,” he said. “We think this is a correct and interesting proposal,” Itar Tass reported.

Trutnev added to it that Russia’s own Fund for Development of the Far East would mull the prospects for a platform of this kind. He mentioned the Koreans’ readiness to invest $1 billion in that fund.

“You know perfectly well the Russian Far East is somewhat behind the European regions of the country and this stems in a big measure from the underdeveloped infrastructure there,” Trutnev said.

“President Putin has given us a task to eliminate this disproportion and to start building roads, seaport and so on,” he said. “We have many prospects in that sphere.”

Also, the South Korean side is showing interest in using the Northern Sea Route, which makes it possible to cut down the haulage time between regional countries and Europe.

 Trilateral Relations

The Republic of Korea speaks in favor of promoting trilateral projects involving Russia and North Korea, Trutnev said.

“Problems of trilateral relations are raised at virtually every meeting,” he said. “South Korean representatives say they will be grateful if the Russian Federation helps organize trilateral projects, helps establish cooperation embracing the DPRK and the Republic of Korea because it’s not only the economy, it also means of stability in this part of the planet.”

He stressed the expansive interest in cooperation with Russia shown by South Korean businesses, recalling the presence of more than 600 South Korean companies on the Russian market at present.

“People have genuine interests in the prospects for our cooperation,” Trutnev said. “It’s important for them to know the Russian government has made development of the Far East a national priority and the areas of sped-up development are being created there.””Also, we attach significance to trilateral cooperation with the Democratic People’s Republic of Korea,” Trutnev said.