South Korea agrees to take part in joint development projects in Russia’s Far East

South Korea agrees to take part in joint development projects in Russia’s Far East

By Seong Yeon-cheol, The Hankyoreh, Nov. 15, 2017

South Korean President Moon Jae-in shakes hands with Russian Prime Minister Dmitry Medvedev during their summit in Manila, Philippines, on Nov. 14. (Yonhap News)

Discussions of a FTA between the two countries will also be accelerated

South Korean President Moon Jae-in and Russian Prime Minister Dmitry Medvedev agreed at their Nov. 14 summit to pursue different projects to establish future growth engines, including development in Russia’s far eastern region. Moon, who is in the Philippines to attend the ASEAN+3 (South Korea, China, and Japan) Summit, held a bilateral meeting with Medvedev at the Philippine International Convention Centre in downtown Manila, where the two agreed to hasten the current working-level discussions toward a South Korea-Russia Free Trade Agreement (FTA).

“South Korea-Russia relations are receiving top priority in our foreign and national security policy,” Moon said in his introductory remarks.

“We will work to ensure that strategic cooperation by South Korea and Russia becomes a centripetal point for peace, stability, and prosperity not only for the Korean Peninsula and northeast Asia but for the Eurasian continent,” he added.

Moon went on to say Seoul “intends to continue cooperating fully with Russia’s far eastern develop through the Northern Economic Cooperation Committee, while enabling simultaneous cooperation through the ‘nine bridges,’ including shipbuilding, ports, rail, gas, and Arctic sea routes as proclaimed in the New Northern Policy.”

Medvedev said that Russia has “just as deep an interest in peace on the Korean Peninsula as South Korea.”

“The ‘nine bridges’ vision will be very helpful in the pursuit of cooperation in various areas of business,” he predicted.

After their 35-minute meeting, Moon and Medvedev agreed on the continued pursuit of practical cooperation in various areas – chiefly in the Russian far eastern region – according to the “nine bridges” South Korea-Russia strategy proposed by Moon, including energy, ports, shipbuilding, farming, and fishing. Moon specifically emphasized efforts to address issues faced by South Korean businesses, calling on Russia to ensure rail service and simplify customs procedures to allow Hyundai Motor, Samsung Electronics, and other South Korean companies to use the Trans-Siberian Railway (TSR) and requesting Moscow’s attention to a follow-up contract for Hyundai Motor, whose special investment contract expires in 2018.

In response, Medvedev promised to “continue discussions toward a South Korea-Russia FTA and work toward establishing a mutually favorable business environment for South Korean companies operating in Russia.”

Moon and Medvedev also reiterated their refusal to tolerate North Korea’s nuclear program and their stance in favor a peaceful resolution of the issue. “North Korea’s nuclear and missile programs are absolutely unacceptable,” Medvedev declared.

“As a country sharing a border with the Korean Peninsula, peace and stability on the Korean Peninsula are directly tied to Russia’s security, and we will contribute to active support for the South Korean government’s efforts toward peace on the peninsula,” he said.

- - - - - - -