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MIL OSI Translation. Region: Russian Federation –

03/25/2021

Moscow and Seoul are discussing the creation of a joint investment fund of up to $ 1 billion, Russian Foreign Minister Sergei Lavrov said on Thursday at a joint press conference following talks with South Korean Foreign Minister Jong Ui Young.

“Large-scale investment cooperation projects are being implemented and are being prepared for implementation in the Far East and the Arctic zone of the Russian Federation. Negotiations are underway to create a Russian-Korean investment fund worth up to $ 1 billion,” Lavrov said.

According to the minister, this will be the topic of discussion of the upcoming meeting of the Russian-Korean joint commission on economic, scientific and technical cooperation this year. “These and other issues will form the agenda of the next meeting of the intergovernmental commission on trade and economic cooperation, which should take place before the end of this year in Seoul,” Lavrov said.

In addition, the Russian Foreign Minister emphasized that the Russian Federation and South Korea are planning to quickly return to building up bilateral trade, whose indicators decreased last year due to the coronavirus pandemic.

“In the field of trade and economic cooperation last year, there was a decline due to coronavirus infection. However, today’s discussion showed that existing plans will quickly reverse this trend and return to increasing trade,” Lavrov said.

The minister added that these plans, in particular, are related to the concept of cooperation “Nine Bridges” put forward by the President of South Korea Moon Jae-in. “We highly appreciated the cooperation that we are developing within this framework, including cooperation in the field of railway transportation, energy supplies, nuclear energy, shipbuilding, healthcare, medicine,” the Russian Foreign Minister added.

A source: TASS

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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