Putin keen on broadening cooperation with South Korea, especially high-tech
SEOUL. Nov 13 (Interfax) - Trade and economic relations with South Korea traditionally play a prominent part in interstate dialogue, including at its top level, Russian President Vladimir Putin said.
"In fact, this is the key subject of our cooperation," he said at the sixth meeting of the Russian-Korean Business Dialogue on Wednesday.
Bilateral trade grew 13 times larger in the past decade and reached approximately $25 billion in 2012, the president said. Trade turnover surpassed $18 billion in the first nine months of this year, and accumulated investment from South Korea exceeded $2.5 billion.
Putin said that Russia was lagging behind the United States, Japan and China in terms of South Korean investment and trade but stressed that it was possible to broaden cooperation.
He urged harmonization of the trade structure, formation of lasting technological and structural alliances, and implementation of major infrastructural projects on a global and regional scale, primarily in the Far East.
"We suggest putting an emphasis on economic integration with the Asia Pacific region, attraction of direct foreign investment and the creation of conditions for export-centered businesses, the main focus of which would be the Asia-Pacific markets. We are interested in Korean businesses playing a notable role in the fulfillment of these plans," the Russian president said.
The Russian Direct Investment Fund and the Korean Investment Corporation are forming a $1 billion investment platform by the Korean proposal, he said.
Infrastructural development of the Northern Sea Route with the purpose of hydrocarbon deliveries is a promising area, which will give large orders to shipbuilders and lead to joint modernization of ports and port infrastructure, the Russian president said.
"The joint use of the transport corridor between the Asia-Pacific region, Central Asian states and Europe could be of interest to investors from Korean companies," Putin stressed.
High-tech cooperation should become a priority of bilateral relations, he said, urging the maximum use of the potential of small and medium businesses.
"New ideas and promising projects are being elaborated upon under the aegis of the Russian-Korean Business Dialogue; they may become points of growth in our relations. There is a search for new areas and mechanisms of cooperation," the Russian president concluded.
