According to Yonhap News,

(MOSCOW=Yonhap News) Yuri Trutnev, the Deputy Prime Minister of Russia and Presidential Plenipotentiary Envoy to the Far Eastern Federal District, announced December 3 that Russia, which promotes the development of the Russian Far East as its strategic task, hopes to increase economic cooperation with Korea, a country with the potential to cooperate in various sectors.

“We hope to greatly expand our bilateral trade and cooperation with Korean companies in industries including shipbuilding, fish and wood processing,” said Trutnev, also the Russian Chairman of the Korea-Russia Joint Committee on Economic, Scientific, and Technological Cooperation, at an interview with Yonhap News in Moscow before his visit to Korea December 8 and 9.

He also requested that Korean companies participate in the advanced development zones project that is promoted as part of the development of the Russian Far East.

Russia is executing an advanced development zones project, which is basically an economic special zone where tax benefits, simplified administrative procedures and construction of infrastructure are provided to companies, to accelerate the development of the Russian Far East.

Having designated the Maritime Province, Khabarovsk, Amur Oblast, Sakhalin and Kamchatka of the Far East as advanced development zones, Russia plans to attract domestic and foreign investors by providing various benefits.

He also urged Korea’s participation in the Najin-Hasan project, a trilateral project between South and North Koreas and Russia in which South Korea is building a gas pipeline that runs from Russia to South Korea via North Korea.

Trutnev pledged to be proactive in resolving the difficulties of Korean companies in Russia and resume the operation of a Hyundai Heavy Industries high-voltage circuit breaker production plant in the Maritime Province, in the Russian Far East. The operation had been suspended after a Russian state-owned company failed to keep its purchase promise.

Hyundai Heavy Industries has completed the construction of a high-voltage circuit breaker production plant that can produce 350 high-voltage circuit breakers annually. Operations began last January but ceased when the Federal Grid Company did not come through on its promise to purchase 200 high-voltage circuit breakers annually. A high-voltage circuit breaker is one of the key parts for a grid, which connects or blocks high-voltage currents.

"I am aware that Russian corporate leaders have promised to take measures to resume the operation of the Hyundai Heavy Industries plant and that they have signed a relevant agreement," said Trutnev.

According to a Russian official, a Russian company will purchase 60 high-voltage circuit breakers within the year and negotiations are underway for an additional 40 high-voltage circuit breakers.

Trutnev will visit Daewoo Shipbuilding & Marine Engineering and tour the Okpo shipyard on December 8 in Geojedo Island. He will then have a meeting with Choi Kyoung-hwan, Korea’s Deputy Prime Minister and Minister of Strategy and Finance. On December 9, Trutnev will host an investment forum for major Korean business leaders.

cjyou@yna.co.kr

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Source Text

Source: Yonhap News (December. 04, 2014)

** This article was translated from the Korean.