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Korean business delegation visits Transbaikalia

With the support of the Agency for the Far East to attract investment and export support (ANO API), a Korean business delegation visited the Trans-Baikal Territory.

The delegation included, among others, the head of Lotte International's Far Eastern representative office Choi Won Bo, the head of the Far Eastern representative office of LS Networks Kim Jong Hoon, deputy general director of the Korean Trade and Investment Promotion Agency (KOTRA) Pak Susok, head of the Moscow branch of the World Trade Federation of Foreign Koreans Shin Kwang Hee, director of a travel agency for I am biker "Eurasia" Jong Haram.

“On the eve of the visit of the Korean business mission to the Far East, our Agency held preliminary meetings in Seoul for the delegation of the government of the Trans-Baikal Territory with business representatives of the Republic of Korea. A business meeting was held in Chita, where representatives of the administration and business of the Trans-Baikal Territory presented possible areas of cooperation in such sectors as agriculture, mining and mining, timber processing and engineering, logistics and manufacturing industry. We are ready to support Korean companies in the implementation of their investment projects in the Far Eastern regions, including in the Trans-Baikal Territory, ”said Mikhail Li, a representative of the ANO API.

He recalled that a representative of the Agency was working in Seoul (Republic of Korea), and ANO API together with KOTRA launched the Korean Investors Support Center two years ago. According to Michael Lee, Korean companies are showing interest in the Far East. In mid-February of this year, the third Day of the Korean investor was held in Seoul. One of the events of the Korean Investor Day was a round table on the implementation of investment projects and business support in the Far East of Russia. The event was attended by 22 Korean companies representing about 10 sectors of the economy and working in the fields of energy, agriculture, medicine, logistics, ecology, finance and light industry, shipbuilding and fish industry and in other areas.

As Mikhail Li said, investors are particularly interested in the possibilities of preferential treatment of TOR and the Free Port of Vladivostok (SPV). Today, with the help of preferential regimes, 11 residents are working  with Korean investments (5 in the TOP and 6 in the SST). The projects in the sphere of hotel business, fish processing, household chemicals, wood processing in the Khabarovsk Territory, Primorye and Kamchatka were launched. The volume of announced investments is 15.8 billion rubles. Already invested over 350 million rubles. “Cooperation with the Trans-Baikal Territory has not been carried out until recently, but in the process of getting acquainted with this subject, Korean companies show interest in this region, especially in the agricultural and mining sector,” he added.

Recall that the Republic of Korea is one of the priority partners of Russia in the APR. In 2018, the foreign trade turnover of Russia and the Republic of Korea amounted to $ 24.8 billion, an increase of $ 5.6 billion (by 28.9%) compared to the same period in 2017. To date, an extensive legal framework of bilateral cooperation has been created: over 50 agreements have been concluded, covering the areas of trade, investment, fishing, military-technical cooperation, the peaceful use of atomic energy, culture and others.

In 2018, the foreign trade turnover of the Trans-Baikal Territory with the Republic of Korea amounted to 11.7 million US dollars, an increase over the same period in 2017 by 2.83 million dollars or 31.9%. In the joint volume of trade, the share of exports amounted to $ 11.6 million, the Trans-Baikal Territory exports only coal to the Republic of Korea. Imports from the Republic of Korea to the Trans-Baikal Territory are mainly vehicles.

Information provided by the press service of the Agency for the Far East to attract investment and export support



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