According to Yonhap News,

(SEOUL=Yonhap News) Korea and Russia have begun development cooperation for five ports in the Russian Far East.

The Ministry of Oceans and Fisheries (MOF) announced that the two countries held a briefing session on the feasibility study and basic plan for the modernization of the ports on July 21 at the Korea-Russia Transportation Cooperation Committee in Sochi, Russia.

The joint statement from the Korea-Russia Summit last November includes development cooperation for the ports of Vladivostok, Posyet, Vostochniy, Nakhodka and Vanino in Russia.

The MOF of Korea and the Ministry of Transport of Russia signed a business agreement early this year to execute the development project. The two parties have been carrying out the feasibility study and basic plan for the port modernization since last April.

The railway logistics network in Russia is highly developed, whereas the ports in the Russian Far East are very outdated. In this regard, the two countries have established a development plan to reconstruct and expand ports and build new facilities in Russia.

"We hope that Korean construction and logistics companies will be able to participate in the port modernization project,” said Lee Hee-young, Head of MOF’s Port Investment Cooperation Division.

kimyg@yna.co.kr

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