DPM Hong Attends the 18th Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation
Deputy Prime Minister Hong Nam-ki attended the 18th Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation held in Moscow on September 24, and discussed the following with Russian Deputy Prime Minister Yuri Trutnev.
Increase bilateral trade
Deputy Prime Minister Hong discussed the Korean government’s visions to increase bilateral trade volume to 30 billion dollars by 2020, the 30th anniversary of Korea-Russia diplomatic ties, and to 50 billion dollars through FTA, and eventually to 100 billion dollars through trilateral economic cooperation including North Korea.
Deputy Prime Minister Hong proposed to have the 2nd Korea-Russia FTA negations in Seoul within this year, with the goal of launching a service and investment FTA by next year. DPM Hong also suggested creating a joint council to review the progress of the 9 Bridge Plan[1] through regular meetings.
Establish a joint fund for materials, parts and equipment
In an effort to enhance Korea’s competitiveness in materials, parts and equipment, Deputy Prime Minister Hong proposed to create a 1 billion dollars worth of joint fund to invest in Russia’s basic technologies and commercialize them with Korea’s manufacturing technologies.
Expand bilateral economic cooperation
- Establish a joint council to help Russia develop infrastructure and build plants and industrial complexes, and help Korea companies with such projects
- Strengthen cooperation in Russia’s Far East development projects and help the two countries’ local governments closely work together.
- Improve Korea’s Russian-made wildfire fighting helicopters by using Korean loans to Russia given in 1990 when the two countries established diplomatic relations.
Promote trilateral economic cooperation including North Korea
Deputy Prime Minister Hong proposed to form a cooperative network with Russian public institutions such as power suppliers to promote trilateral cooperation with North Korea in areas such as power, gas and railroad.
The Korean government will work hard to put into action the discussions made at the 18th Meeting of Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation through high level, as well as working level consultations.
