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According to Yonhap News, 

(SEOUL=Yonhap News) Seventeen local governments in South Korea and nine local governments in Russia's Far East held an inaugural meeting of their cooperation forum and agreed to work together to move forward all-around cooperation between the two sides.

The Korea-Russia Local Cooperation Forum was established under an agreement reached when President Moon Jae-in visited Russia last year and held talks with Russian President Vladimir Putin.

The forum held its inaugural meeting in South Korea's southeastern city of Pohang on Wednesday and adopted the "Pohang Declaration" that calls for greater cooperation between Russia's Far East and South Korean local governments in economic, trade, education, science and other sectors.

Under the declaration, the two sides also decided to set up a standing secretariat to facilitate cooperation and agreed to make efforts to get more local governments to take part in the forum.

The forum will hold its annual meeting alternately between the two countries, with Russia's Vladivostok hosting next year's session and the South's southeastern city of Ulsan to host the 2020 meeting, officials said.

President Moon Jae-in said in an address at Thursday's meeting that economic cooperation with northern countries will be a new growth engine for South Korea's economy and that the two countries should further bolster cooperation through the forum and other exchanges.

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Source: Yonhap News (November 8, 2018)