South Korean Deputy PM to offer joint invest fund with Russia

VLADIVOSTOK, Sep 5 (PRIME) -- South Korean Deputy Prime Minister Hong Nam-ki will offer Russia to establish a Russian–Korean investment fund, he told PRIME in the framework of the Eastern Economic Forum on Thursday.

“I want to offer to establish a joint South Korean–Russian investment fund, in particular in the area of spare parts and equipment,” the official said. He added that the issue may be considered at a meeting of an intergovernmental commission on September 24.

Hong Nam-ki also said that South Korea wants to complete the negotiations with Russia on a free trade zone in January–June 2020. “Signing of a free trade zone would lead to mutual opening of the markets of services and establishment of good conditions for investments, and also, trade volume rise,” he said.

He said that in order to raise the trade volume to U.S. $30 billion in 2020, Russia and South Korea need to cooperate in the framework of the Nine Bridges plan of development in several areas, including energy and transport. The countries need to foster development of infrastructure in agriculture, raise investment in shipbuilding, strengthen phytosanitary control cooperation and eliminate red tape.

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