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.