South Korea eyes greater economic cooperation with Russia - Deputy PM

SEOUL, January 20. /TASS/. South Korea’s government is set to concentrate efforts on opening new horizons in cooperation with Russia by implementing the ‘New Northern Policy’ unveiled by President Moon Jae-in in 2017, South Korean Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki told a meeting of ministers responsible for the economic sphere on Monday. He underlined that the current government is aiming to expand cooperation with Russia in the so-called nine bridges of cooperation, including railway, energy, shipbuilding, gas industry, operation of maritime ports, agri- and mariculture, industrial zones as well as exploitation of the Arctic. "Seoul will actively strengthen economic cooperation with its northern neighbors," he added. According to the minister, a model of medium- and long-range cooperation with Central Asian countries including Mongolia is planned to be drafted as well as work on establishing a belt of bilateral and multilateral free trade. Apart from that, Hong Nam-ki expressed intention to improve the export situation. Authorities are aspiring to do their utmost this year to achieve progress on an agreement envisioning comprehensive economic partnership and a free trade deal with the Philippines and Russia. Moreover, Seoul will offer wide financial support to export companies. The New Northern Police initiated by Moon Jae-in in 2017 envisions creation of a unified economic space between the Korean Peninsula and Russia’s Far East. The key objective of the new policy is to create the Eurasian economic community on the basis of cooperation between South Korea and Russia. Read more