Russian province seeks investment

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Russian province seeks investment

Officials from Russia’s Primorsky Territory sought more investment from South Korea in the province that borders North Korea during a meeting with representatives of Korean companies in Seoul yesterday, according to the Federation of Korean Industries.

The five-member delegation, led by Nikolay Dubinin, director of the economic department of Primorsky Territory, came to Seoul for a Korea-Russia summit between President Park Geun-hye and Russian President Vladimir Putin. Putin agreed on Wednesday to strengthen the economic partnership with Korea, including investment in Russia’s border areas with North Korea.

The representatives from Primorsky, one of Russia’s nine eastern provinces, emphasized investment in energy and infrastructure, the federation said.

Korean companies represented at the meeting included Hyundai Engineering and Construction, Halla Engineering and Construction and Hyosung.

Elena Iaskevich, vice head of the investment promotion agency of Primorsky Territory that launched late last year at the direction of Putin, explained a set of incentives for foreign investors in Primorsky, said the federation. The Koreans asked for more convenient visa procedures, and streamlined customs clearance and administrative procedures. They also sought information regarding Russian markets and potential partner companies.

The federation plans to invite governors of the nine eastern Russia provinces for a bilateral large-scale investment seminar early next year.


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