Primorye Investment Agency and Kangwon province of the Republic of Korea have signed a Memorandum of Cooperation

Primorye Investment Agency and Kangwon province of the Republic of Korea have signed a Memorandum of Cooperation

Primorye Investment Agency and the Administration of Kangwon province, the Republic of Korea, have signed a Memorandum of Cooperation. The signing ceremony took place on the sidelines of the 23rd Summit on International Exchange and Cooperation of Regional Administrations of Northeast Asian Countries, that was held in Vladivostok on 29-31 October 2018.

The counterparts plan to increase the trade and investment volumes. There is a number of events in this sphere already planned by the territories. It will start with a visiting mission of Primorsky region companies to Wonju city of Kangwon province in November 2018.

Participants of the mission will conduct business talks and review the opportunities for the import of Korean goods, such as cosmetics, food products, medical equipment and household goods, to Russia. The businessmen of Primorye will also get a chance to present their products. 

 “We are glad to strengthen the ties with a reliable strategic partner like Kangwon province. Thanks to our cooperation, we will be able to increase the trade flow between Primorye and the Republic of Korea. The volume of the region’s trade with ROK in the first half of 2018 has been estimated to constitute more than 18% of the regional turnover equaling 638 mln USD” – mentioned Dmitry Yamshchikov, the Director of the Primorye Investment Agency.

The Memorandum also implies such formats of cooperation as talks, information and best practices exchange, participation in joint events aimed at investment promotion.

 “This meeting marks a new step in the development of international relations between Kangwon province and Primorsky region. We think that it will contribute to the development of our economies and investment potential. The visiting mission of business that is planned for November will enhance the cooperation of the entrepreneurs of Primorye and Kangwon. From our side we also plan to promote the investment opportunities of Primorsky region” – said Jeon Hongjin, the Director General of the Global Business Department, Investment and Trade.

2018 marks the anniversary of the initiation of friendly ties between Primorsky region and Kangwon province of the Republic of Korea.