NATIONAL

Korea, Russia agree to expand maritime cooperation

By Yonhap
  • Published : Nov 6, 2017 - 16:43
  • Updated : Nov 6, 2017 - 16:43
South Korea and Russia agreed to expand cooperation in Russia‘s Far East by building up the underdeveloped region rich in natural resources, the maritime ministry said Monday.

South Korean Oceans Minister Kim Young-choon held a meeting with Alexander Galushka, Minister for Development of the Russian Far East, to discuss ways to boost joint investment in the region and signed a memorandum of understanding on marine cooperation.

Under the agreement, the two sides will jointly support investment in the marine industry and establish infrastructure building in the Far Eastern region, including a seafood processing facility.

Kim Young-choon, Minister of Oceans and Fisheries (Yonhap)

“The Russian government has been pushing for development of the Far Eastern region. A visible outcome is expected in the marine sector as over 3 million tons of seafood is produced there annually,” Kim said in a release. “We will make efforts to support Korean companies’ entering the market in light of the agreement.”

The Russian Far East covers 36 percent of the country‘s territory, but has less than 5 percent of its population. About 65 percent of all Russian marine products come from this region, but the region suffers from poor infrastructure.