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Russia and the DPRK are ready to strengthen economic cooperation

The head of the Ministry of Eastern and Eastern Development, Alexander Galushka, discussed the prospects for Russian-Korean cooperation at a meeting with the DPRK Ambassador to Russia, KIM En Jae.

KIM Yong Jae noted that the meeting is taking place against the background of the dynamic cooperation of the two countries, with the deep attention of the leaders of the two countries to the development of economic ties between Russia and Korea.

The head of the Ministry of Interior and Development, in turn, focused on the fact that today Russia and the DPRK proceed from a new format of relations, when the development of friendly, good-neighborly relations is turning into mutually beneficial pragmatic cooperation. In particular, the goal has been set to increase the trade turnover of the two countries by 1 billion dollars by the year 2020.

- We have come to a mutual understanding that practically achieving such a tenfold increase in trade turnover is possible only by concentrating joint efforts on specific projects being implemented by Russian investors in the DPRK. Already the first package of projects gives us such grounds. The Mostovik project alone has the potential to bring the economic turnover of the two countries to 1 billion rubles. It is only important to support these projects and allow them to be realized, - said Alexander Galushka.

He also added that great importance should be given to trilateral projects with the participation of Russian companies, such as the project of Russian Railways in Rajin.

In a conversation with the Ambassador of the DPRK in Russia, the Minister for the Development of the Far East also noted that during the 6 meeting of the Intergovernmental Commission in Vladivostok 3 priority was given to such a project work: the need to update the legislative framework for the protection of foreign direct investment; creation of a joint mechanism for individual support of each significant investment project; Access of Russian investors to Korean mineral deposits as an asset, which could act as compensation for investments.

- We took great interest in the initiative of the DPRK leadership to create special economic zones in your country. In the fall, we are planning a business mission in order to acquaint Russian entrepreneurs with the special economic zones created in Korea on the spot, said Alexander Galushka.

The head of the Ministry for the Development of the Russian Far East also stressed that it is important for Russia to implement the agreements already reached between the two countries, namely, the transition to settlements in rubles; issuance of long-term visas to Russian citizens working in investor companies; providing Russian investors with access to mobile communications and the internal Internet in the DPRK.

“We expect that the traditionally good-neighborly and friendly relations between Russia and Korea are being converted into mutually beneficial cooperation, the practical implementation of a dozen new projects and the exit of our trade and economic cooperation to a fundamentally new quality level,” concluded Alexander Galushka.

The DPRK ambassador to Russia KIM Yong Jae thanked the Minister for discussing issues that are so important for both sides. KIM Yong Jae assured that the implementation of the agreements is just as important for Korea.

"We attach great importance to the issue of ruble settlements, but now the Central Banks of our countries are facing certain technical problems, so we ask you personally to keep this issue under control," KIM said.

He also said that the issue of issuing multiple-entry visas to Russian citizens has already been positively resolved and the issue on access of Russian investors to communication facilities is being negotiated. In addition, DPRK ambassador to Russia KIM Yong-dhe noted that mutual cooperation in agriculture is important for the Korean side, in particular, the work of Korean companies in the Russian Far East.

- We are ready to make every effort to satisfy all the requirements of the Russian side related to investments. I will personally contribute to this in every way, ”KIM Yong Je summarized.

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