BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Busan's shipbuilding and marine machinery companies are looking to enter Russian markets.

On May 18, the city of Busan and the Ministry of Trade, Industry and Energy will hold the "Russian Shipbuilding & Marine Project Equipment Purchasing Fair."

The fair was set up to aid Korean shipbuilding and marine machinery companies enter the Russian market based on actual Russian projects.

Following the 3rd Eastern Economic Forum, Russian President Vladimir Putin is urging oil and gas companies to place new orders.

In particular, Russia is working towards the goal of being able to build all types of ships on their own and are in the process of implementing policies to foster the shipbuilding and marine machinery industry.

Busan City and the Ministry of Trade, Industry and Energy plan on introducing Russia's new shipbuilding and marine projects and their purchasing plans at the fair to Korean companies and establish detailed plans for the companies' entry into the projects.

About 150 Korean shipbuilding and marine machinery companies will participate in the fair, and take part in focused purchasing consultations that will be divided into 8 categories including piping, engineering and procurement.

A Busan City official stated, "We hope the event will be a success and bring relief to our region's struggling shipbuilding and marine machinery and open new markets."

joseph@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (May 17, 2018)