KOREA-RUSSIA MEETING ON ECONOMIC, SCIENTIFIC AND TECHNOLOGY COOPERATION
Meeting of Co-Chairs of Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation
to Accelerate Economic Cooperation with Russia
Deputy Prime Minister Hong Nam-ki and Russian Deputy Prime Minister Yuri Petovich Trutnec attended Meeting of Co-Chairs of Korea-Russia Joint Commission on Economic, Scientific and Technological Cooperation & Organizing Committee for 30th Anniversary of Diplomatic Relation held virtually on October 27 along with officials from related ministries. The two governments discussed the progress of economic cooperation and ways to further strengthen them.
Korea-Russia 30th Anniversary of Diplomatic Relation
The two governments agreed to extend ‘Year of Mutual Exchange between Korea-Russia’ to next year so that cooperative business plans to commemorate the 30th anniversary of Korea-Russia diplomatic ties can be continued to move forward amid COVID-19.
Strengthen Economic Cooperation
- 9 Bridge Action Plan 2.0: Korea and Russia signed 9 Bridge Action Plans 2.0 that agrees to expand and reform previous cooperative system to other sectors including investment and innovation platform, which is expected to create new opportunities of cooperation.
- Expand Korean companies entering Russia: The two governments agreed to continue cooperation on a business plan to establish ‘Korea-Russia Economic Cooperation Industrial Complex in the Maritime Provinces’ to able more Korean companies to enter the Maritime Provinces in Russia.
- Strengthen cooperation in investment: As a follow-up discussion from the 18th meeting to create joint fund, DPM Hong emphasized the importance of finding projects that have business values, and suggested we should continue to cooperate on finding practical structure of joint fund. The two also agreed to continue to work on launching a service and investment FTA and finding more ways to strengthen bilateral investment
The two governments agreed that it is meaningful for the Korean and Russian government to host the first meeting as organizing committee of 30th Anniversary of Diplomatic Relation in 2020 the ‘Year of Cooperation with Northern Countries’ as two countries are carrying on bilateral cooperation momentum amid difficult situation of COVID-19. The two governments also exchanged hopes to expand cooperation in other areas including diplomacy, culture and arts in the future.
Please refer to the attached pdf for the full press release
