South Korea's oceans ministry said Monday it will look into the feasibility of developing a port in Russia's Far East to help local companies take advantage of its strategic location.
The Ministry of Oceans and Fisheries said it will carry out the feasibility study until September 2019 on the Port of Slavyanka, which borders North Korea and China.
The ministry said the project is aimed at providing essential investment information to Korean companies, which have shown interest in development of the region.
South Korean President Moon Jae-in on left shaking hands with Russian President Vladmir Putin (Yonhap)
In October 2017, Hyundai Engineering & Construction Co., a South Korean construction company, signed a memorandum of understanding with Berkut, a Russian logistics and tourism company, to cooperate in the port development.
Under President Moon Jae-in's "New Northern Policy," Seoul has been exploring ways to step up economic cooperation with the vast Eurasian country in various areas, including energy, shipbuilding, fisheries and transportation.
The mood of detente in the wake of North Korean leader Kim Jong-un's recent summits with Moon and US President Donald Trump has raised expectations that cross-border projects that link South Korea and Russia's Far East can become a reality.
The initiative outlines the building of "nine bridges" between South Korea and Russia, including natural gas, railroads, seaports, electricity, Arctic shipping routes, shipbuilding, agriculture and fisheries. (Yonhap)