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The Korean daily media headlines and humor

The Korean daily media headlines and humor

Wednesday, September 6, 2017

Your Excellency:

Russia wants Korean companies in petrochemical, shipbuilding auto, fish, seafood, medical, more areas

Interview with Ambassador Timonin of Russia in Seoul

Ambassador Alexander Timonin of the Russian Federation in Seoul said that Korean business companies are most welcome in Russia in various areas, especially petrochemistry, shipbuilding, automotive industry, fish- and seafood-processing, medicine, tourism and paper industry.

Speaking at a recent interview with The Korea Post media in Seoul, Ambassador Timonin said that there also were great prospects for development cooperation in the peaceful use of nuclear energy.

President Moon Jae-in visits Russia on Sept. 6-7, 2017 and is slated to have a summit meeting with President Vladimir Putin of Russia during his stay in Vladivostok. Details of the interview with Ambassador Timonin follow (at the end of this Headlines). Also please visit: http://www.koreapost.com/news/articleView.html?idxno=4699

President Moon Jae-in of Korea (left) and President Vladimir Putin of Russia converse with each other discussing matters of mutual interest between Korea and Russia. Moon visits Russia on Sept. 6-7, 2017 and has a summit meeting with President Putin. The Korean-Russian summit meeting merits keen attention at this time when the two countries as well as the United States and other countries of the world are keenly seeking ways to prevent Chairman Kim Jong Un of North Korea from detonating another Korean War, possibly a nuclear warfare this time.

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

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What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:


The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.

KBS (http://world.kbs.co.kr/english/news/)


N. Korea Warns of 'More Gift Packages' for US

I am proud of saying that just two days ago on the third of September, DPRK successfully carried out a hydrogen bomb test for intercontinental ballistic rocket under its plan for building a strategic nuclear force. The recent self-defense measures by my country, DPRK, are a ‘gift package’ addressed to none other than the U.S. The North Korean envoy then warned that the U.S. will receive more "gift packages" from his country as long as it piles on more pressure or sanctions, while reaffirming that Pyongyang would never put its nuclear deterrence on the negotiating table.

Moon Departs for Russia for Talks with Putin

President Moon Jae-in on Wednesday departed for Russia to attend a regional economic forum and hold a series of bilateral summits with other leaders. Moon will hold talks with Russian President Vladimir Putin on Wednesday as soon as he arrives in Vladivostok to attend the third Eastern Economic Forum(EEF). The two leaders are expected to discuss bilateral relations and the state of affairs on the Korean Peninsula including the North Korean nuclear issue.

Team Korea Advance to 9th Consecutive World Cup Tournament

The South Korean national soccer team has secured a place in the 2018 FIFA World Cup tournament to be held in Russia. South Korea finished their Group A game against Uzbekistan on Tuesday in a scoreless draw but due to goal difference in the lackluster series of preliminaries, it managed to qualify for the tournament. This is largely thanks to Iran and Syria finishing their final in a 2-2 draw also on Tuesday. To the disappointment of fans, the Korean squad finished five away games without a single victory, recording two draws and three losses.

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Yonhap (http://english.yonhapnews.co.kr)

S. Korean President Moon arrives in Russia for summit with Putin, regional forum

South Korean President Moon Jae-in arrived here Wednesday on a two-day visit for a regional economic forum that will also include a series of summit meetings with Russian and Japanese leaders. Moon's itinerary will begin with a bilateral summit with his Russian counterpart Vladimir Putin, according to the South Korean presidential office Cheong Wa Dae. It will be followed by an expanded summit and luncheon involving some 15 other top government officials from each side.

S. Korea football coach comes to rescue, looks ahead to World Cup

Shin Tae-yong successfully came to South Korean football's rescue on Tuesday as their new head coach, helping the national team qualify for the 2018 FIFA World Cup. South Korea clinched their ninth consecutive World Cup appearance after getting a scoreless draw at Bunyodkor Stadium in Tashkent. Heading into the last match in Group A in the final Asian qualifying round for the 2018 FIFA World Cup, South Korea were second with 14 points, just two points above Syria and Uzbekistan. A win over Uzbekistan would have assured South Korea's place at the World Cup no matter what. Shin's side failed to collect a win, but still achieved their goal in the end after Syria played to a 2-2 draw with Iran.

CJ E&M to build cultural content complex at HallyuWorld

CJ E&M said Wednesday it will build a complex in Goyang, just northwest of Seoul, by the end of 2020 to promote South Korea's cultural content, better known as hallyu. South Korea's leading entertainment content and media company said it will invest 1.4 trillion won (US$1.2 billion) in the construction of a theme park, a shopping mall, lodging and other commercial facilities on 300,000 square meters of land within HallyuWorld. The complex site is located near the SBS and MBC television studios, South Korea's largest exhibition center KINTEX, a large lake park, Paju Printing and Publishing Industry Complex and Heyri Arts Village.

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The Korea Herald (http://www.koreaherald.com)

Korean President Moon arrives in Russia for summit with Putin, regional forum

South Korean President Moon Jae-in arrived here Wednesday on a two-day visit for a regional economic forum that will also include a series of summit meetings with Russian and Japanese leaders. Moon's itinerary will begin with a bilateral summit with his Russian counterpart Vladimir Putin, according to the South Korean presidential office Cheong Wa Dae. It will be followed by an expanded summit and luncheon involving some 15 other top government officials from each side.

S. Korea qualify for 9th consecutive FIFA World Cup

South Korea advanced to their ninth consecutive FIFA World Cup following a scoreless draw against Uzbekistan in their final qualifying match Tuesday. The teams traded 30 shots without landing one in the back of the net at Bunyodkor Stadium, but South Korea earned to right to compete at the 2018 World Cup in Russia after Iran and Syria ended in a 2-2 draw. South Korea finished in second place in Group A of the final Asian qualifying round with 15 points from four wins, three draws and three losses. Iran won the group with 22 points.

Seoul seeks to develop ‘Frankenmissile’ targeting North Korea

Faced with North Korea’s escalating nuclear and missile threats, South Korea is seeking to develop a ballistic missile capable of carrying warheads powerful enough to destroy the communist regime’s underground military facilities and wartime commands. According to military sources familiar with the matter Tuesday, the government is considering a plan to build a new ground-to-ground ballistic missile that can reach the entire North Korea and load up to 2 tons of warheads.

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The Korea Times (http://www.koreatimes.co.kr)

Moon turning hawkish toward North Korea

President Moon Jae-in is toughening his policy toward North Korea as the Kim Jong-un regime intensifies its provocations. At the same time, U.S. President Donald Trump's apparent complaints about what his aides call Moon's "soft" stance are reducing his room to maneuver. Moon's offers for dialogue have met with Pyongyang's continuous missile launches and a nuclear weapon test. He is therefore expected to focus on sticks rather than carrots ― at least for now ― while building up the South's military capability.

Relieved Korea stumbles over World Cup line

Somehow South Korea qualified for the 2018 World Cup on Wednesday morning (Seoul time) though it went right down to the wire. The Taeguk Warriors missed chance after chance against Uzbekistan in a 0-0 tie and had to wait for Iran to do a favor against Syria. Had Syria won in Tehran, that team, instead of Korea, would have been going to Russia. The game in Iran ended 2-2 much to the relief of everyone connected with football in the Land of the Morning Calm. Korea takes second in Group A with 15 points, seven points behind leader Iran and two points above Syria in third. Uzbekistan slips into fourth. Only the top two qualify automatically.

Trump's misleading tweets amplify N. Korea woes

U.S. President Donald Trump's misleading tweets about South Korea are becoming a major source of concern here when a unified voice is needed more than ever between the allies in response to North Korea's threats. Trump recently complained on Twitter of the South's "talks of appeasement" with the North and threatened to pull out from a bilateral free trade deal. This raised concerns here that he may be trying to capitalize on security issues as leverage in fulfilling his economic election promises. Some analysts warned Tuesday that Trump could mislead South Korean policymakers. Whenever he previously brought up cost-related issues on the U.S. missile defense system and American troops here, analysts here questioned whether Trump was trying to gain an advantage in revising the Korea-U.S free trade agreement (KORUS FTA).

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DongA Ilbo (http://english.donga.com)

U.S. defense secretary warns N. Korea of ‘total annihilation'

The U.S. warned of a "total annihilation" against North Korea, which pressed ahead with its sixth nuclear test on Sunday (local time). This is an unprecedented military threat from the U.S. directed towards Pyongyang, which claims to have carried a successful nuclear test and reached the final stages of developing nuclear weapons. In spite of the warning, the North is reported to be preparing to launch additional provocations by firing more inter-continental ballistic missiles and conducting yet another nuclear test, with the tensions surrounding the Korean peninsula escalating to a new height.

Gov't fails to send disaster messages on earthquake following nuke test

“I felt that the building was slightly shaking at 12:31 p.m. but received no warning messages. This disturbed me more as I had no information about the shakes.”

That was a story of Mr. A, who lives in Seoul. He was not the only one who felt the shakes. The shakes came from an artificial 5.7 magnitude quake along with North Korea’s sixth nuclear test on Sunday. Several dozens of people called their local fire stations for inquiry. Postings such as “Is it a war?” or “It must be an earthquake. Then, why the government does not send disaster messages?” were flooded on social network services after 12:30 p.m. on the day.

Samsung's new Galaxy Note8 likely to be priced around 960 dollars

Samsung Electronics' new premium smartphone Galaxy Note8 due for release within September is likely to be priced at around 1,090,000 won. According to Samsung Electronics and telecommunications operators on Monday, the price of the Galaxy Note8 64GB model is considered at 1,094,500 won and the 256GB model 1,205,000 won. With the Note8 expected to be way over 1 million won, how LG Electronics' V30 will be priced is also getting attention. LG Electronics America, at the Twitter prize lottery promotion event, said its approximate retail value was 749.99 dollars.

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Chosun Ilbo (http://english.chosun.com)

N.Korea's Nuke Test Area at Risk of Collapse

The mountain where North Korea has conducted all its nuclear tests frequently is at risk of collapsing and spreading a massive dose of radiation across the region, the South China Morning Post reported Tuesday quoting Chinese experts. A research team at the University of Science and Technology of China in Hefei, Anhui Province analyzed shock waves caused by the blasts and concluded that five of the North's six nuclear tests were carried out in tunnels under the same mountain in Punggye-ri.

U.S. Pacific Fleet Chief Vows to Defend S.Korea

Adm. Scott Swift, the commander of the U.S. Pacific Fleet, pledged on Tuesday to deploy an aircraft carrier strike group in waters off the Korean Peninsula in response to provocations from North Korea.

Swift, who supervises U.S. naval operations in the Asia-Pacific region, was speaking at the International Seapower Symposium in Seoul hosted by the Korean Navy, the Korean Institute for Maritime Strategy, and the Sea Lanes of Communication (SLOC) Study Group-Korea. He said that there is no change in the U.S.' "ironclad" commitment to the defense of South Korea.

Xi Breaks Silence on N.Korea to Urge Dialogue

Chinese President Xi Jinping and Russian President Vladimir Putin in a joint statement on Monday denounced North Korea's latest nuclear test. Xi and Putin were attending a summit of the BRICS group of nations in the Chinese city of Xiamen. The nuclear test came at the worst possible time for Xi as it largely overshadowed the much-anticipated prestige event. The two leaders said they "strongly deplore" the test. Vowing to "appropriately deal with" the North, they "agreed to stick to the goal of denuclearization on the Korean Peninsula and keep close communication and coordination to deal with the new situation," the state-run Xinhua News Agency reported.

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HanKyoReh Shinmun (http://english.hani.co.kr)

Trump using nuclear crisis to score political points in US, say critics

Amid the growing crisis over North Korea’s nuclear weapons program, US President Donald Trump is taking potshots at South Korea. Trump’s critics in the US say he is using the North Korean nuclear crisis to shore up his base. South Korea is finding, as I have told them, that their talk of appeasement with North Korea will not work, they only understand one thing!” Trump posted on his Twitter account on Sept. 3, following North Korea’s sixth nuclear test. The day before, Trump hinted that he was discussing the idea of withdrawing from the South Korea-US Free Trade Agreement amid ongoing negotiations to revise that agreement.

Moon and Trump agree to unlimited weight of South Korean missile warheads

South Korean President Moon Jae-in and US President Donald Trump agreed in a telephone conversation on the evening of Sept. 4 to lift the South Korean warhead weight limit stipulated in the two sides’ guidelines on missiles in response to North Korea’s sixth nuclear test. Moon also said the temporary deployment of the THAAD antimissile system with US Forces Korea would be completed as quickly as possible according to domestic procedure as a response to North Korea’s repeated nuclear and missile provocations. The decisions by the two sides appeared to represent a tradeoff of interests, with the US abruptly accepting the removal of the warhead weight limit – something South Korea has been consistently demanding since North Korea’s test-launch of the ICBM-level Hwasong-14 – after its previous leaning on Seoul to deploy a THAAD battery quickly since Moon arrived in office.

China unlikely to halt petroleum exports to North Korea

If China were to completely halt petroleum supplies to North Korea, and even to close its border with North Korea, it remains uncertain whether that would halt North Korea’s nuclear and missile activities. As long as North Korea’s nuclear activities are not contaminating China’s northeastern region, China should not be as zealous as the US or South Korea in sanctioning North Korea.” A Sept. 4 editorial in China’s Global Times hinted at a lukewarm stance on the US’s proposal to halt crude oil supplies to North Korea. The position represents a major turnaround from another editorial by the same newspaper on Apr. 24 stressing that Beijing would “support a UN Security Council resolution for sanctions that includes petroleum trade with North Korea if Pyongyang insists on carrying out a sixth nuclear test.”

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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)

Korea advances to World Cup after playing Uzbekistan to 0-0 draw

Korea advanced to their ninth consecutive FIFA World Cup following a scoreless draw against Uzbekistan in their final qualifying match here on Tuesday. The teams traded 30 shots without landing one in the back of the net at Bunyodkor Stadium, but Korea earned to right to compete at the 2018 World Cup in Russia after Iran and Syria ended in a 2-2 draw. Korea finished in second place in Group A of the final Asian qualifying round with 15 points from four wins, three draws and three losses. Iran won the group with 22 points.

U.S. wants sanctions that cut off North’s oil

Washington is pushing for the “strongest possible” sanctions resolution from the United Nations Security Council over North Korea’s sixth nuclear test, which may be voted on as early as next week.

The United States wants North Korea’s oil supplies to be cut off. U.S. Ambassador to the United Nations Nikki Haley said that North Korea wanted to be recognized as a nuclear power but warned that leader Kim Jong-un was “begging for war,” during an emergency meeting of the UN Security Council Monday.

Chuseok holiday will be 10 days for the lucky

The government on Tuesday designated Oct. 2 a so-called temporary holiday, making a long weekend for some before the Chuseok holiday, Korea’s harvest festival. The cabinet approved the plan in a move that will create a 10-day Chuseok holiday from Sept. 30 through Oct. 10. Chuseok falls on Oct. 4 while a public holiday commemorating the Korean alphabet, Hangul, is set for Oct. 9. Only public institutions including government agencies and schools will automatically get a holiday on Oct. 2. Private companies will decide on their own.

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The KyungHyang Shinmun (http://english.khan.co.kr/)

Conservatives “Evicted”

The conservative opposition parties are caught in a vicious cycle of poverty. They don't seem likely to escape from that wheel for a long time, at least not until they admit their downfall and overturn the unfounded optimism that they will reign again, which currently dominates their mind. They claim that they have not fallen, so naturally, there's no reason for them to reflect on why they have been abandoned. However, their frustration ends up magnifying the faults of others. Given that the starting point of a rebound is self-reflection, it is difficult to imagine the end of the "dark tunnel" before them.

NK Walks a Meticulously Calculated “My Way” for Nuclear Armament

North Korea's sixth nuclear test appears to be the result of long and careful preparations following their own timetable, regardless of external factors, such as the changes in the political situation on the Korean Peninsula and the North Korean policies of the U.S. Donald Trump administration and the Moon Jae-in government. In other words, North Korea did not conduct the nuclear test strategically to send a political message or warn the U.S. They were just continuing their efforts to make technical advances for a set goal: nuclear armament.

Ruling Party Calls for an Investigation into MB, the “Body” of the Intelligence Service's Intervention in State Affairs

On August 31, members of the ruling party claimed that a prosecutor's investigation of former President Lee Myung-bak (MB, image) was inevitable. Such arguments were triggered after Won Sei-hoon (66), former director of the National Intelligence Service (NIS) was arrested again on charges of violating the Public Official Election Act and the National Intelligence Service Act the previous day. A number of circumstances suggested that "Lee Myung-bak's Cheong Wa Dae" was involved at the time of the intervention in state affairs by "Won Sei-hoon's NIS," including the illegal involvement in the presidential election, and so the ruling party members argued that an investigation of the former president was unavoidable.

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The Korea Economic Daily (http://english.hankyung.com/)

SK E&C Wins $210 Mil. Petrochem Plant Project in Thailand by Outbidding Japanese Consortium

SK Engineering & Construction has won a large-scale petrochemical plant project in Thailand. The company said on August 29 that it clinched a deal worth US$210 million to build polyol plant within the Hemaraj industrial zone in Thailand's Rayong. This followed news that the company signed a $1.6-billion project to modernize an oil refinery in Iran earlier this month. The plant, located 150 kilometers southeast of Thailand's capital Bangkok, is commissioned jointly by PTT Global Chemical, an affiliate of the country's state-run oil company PTT Group, Japan's Sanyo Chemical, and Toyota Tsusho.

IKEA to Open Stores in Giheung, Geryong, and Busan

Global furniture and home furnishing company IKEA has earned 365 billion won in sales for the past one year in Korea. The company said that it would open a total of six stores in Korea starting with a second store in Goyang, Gyeonggi Province, followed by Yongin (Gyeonggi) and Gyeryong (South Chungcheong) by 2020. Andre Schmidtgall, president of IKEA Korea, said on August 29 in a press briefing held in Bread Comma in Seoul's Yeonnam-dong that his company's sales revenue for the 2017 fiscal year (September 2016 to August 2017) was 365 billion won.

R&D-to-Sales Ratio of Most Korean Petrochem Companies Below 1%

Despite the record-high results, the R&D investment level of the nation's petrochemical industry is still miserably low. According to industry sources on August 28, the amount of R&D investment of Lotte Chemical, which achieved a record-high sales revenue of 7,849.4 billion won in the first half, fell short of 44.5 billion won. This is only 0.57 percent of the total sales. Even last year when the company posted the highest operating profit (2,547.8 billion won) among all petrochemical companies, the R&D investment sum and its share were paltry 63.6 billion won and 0.48 percent each. This is even lower than the large-company average of 1.4 percent. Hanwha Chemical barely surpassed the 1.0-percent level in the first half by spending 25.2 billion won (1.3%) in R&D.

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AJU Business Daily (http://eng.ajunews.com/korea)

Trump removes limit on payload of S. Korean ballistic missiles

By the benefit of North Korea's aggressive push for the development of nuclear weapons and missiles, South Korea has secured US approval to deploy powerful home-made ballistic missiles that can fly some 800 kilometers (496 miles) with no limit in its payload. The greenlight came at a telephone conversation between South Korean President Moon Jae-in and US President Donald Trump who agreed on the "strongest pressure and sanctions" against North Korea, Moon's office said in a statement. A 2012 missile accord allowed Seoul to extend the range of its ballistic missiles from 300 to 800 km but the maximum payload remained limited to 500 kilograms. To destroy North Korea's underground facilities, South Korea has sought a new accord to develop missiles capable of carrying a heavy and powerful payload.

S. Korea coach comes to rescue, looks ahead to World Cup

Shin Tae-yong successfully came to South Korean football's rescue on Tuesday as their new head coach, helping the national team qualify for the 2018 FIFA World Cup. South Korea clinched their ninth consecutive World Cup appearance after getting a scoreless draw at Bunyodkor Stadium in Tashkent. Heading into the last match in Group A in the final Asian qualifying round for the 2018 FIFA World Cup, South Korea were second with 14 points, just two points above Syria and Uzbekistan. A win over Uzbekistan would have assured South Korea's place at the World Cup no matter what. Shin's side failed to collect a win, but still achieved their goal in the end after Syria played to a 2-2 draw with Iran.

British firm suspected of seeking plant shutdown in S. Korea

British household goods maker Reckitt Benckiser is taking steps to close and sell its production plant in South Korea, bowing to a steady consumers' boycott prompted by deadly humidifier disinfectants that killed more than 100 people, including pregnant women and infants. According to industry sources, Reckitt Benckiser (RB) Korea sent e-mails regarding the sale of production facilities in Iksan some 173 kilometers (107 miles) south of Seoul to employees at its Seoul headquarters on March 31.

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Maeil Business News Korea (http://www.pulsenews.co.kr/)

Hyundai Motor’s China plant halted again by supply disruption

South Korea’s Hyundai Motor Co. said Tuesday one of its five Chinese plants halted operations due to a supply disruption, its second shutdown over the last few weeks as the carmaker struggles in the world`s largest automobile market amid an ongoing diplomatic row over installment of a U.S. antimissile shield in Korea. A plant in Cangzhou, Hebei province suspended operations after a German supplier refused to deliver air intake systems because of delayed payments, said Hyundai Motor.

S. Korean institutional investors to join European infrastructure fund

South Korean institutional investors are expected to invest up to 300 billion won ($265.5 million) in an infrastructure fund managed by France-based Mirova Asset Management that targets infrastructure projects in Europe. According to multiple sources from the investment bank industry on Tuesday, local institutional investors including insurers and mutual aid associations have decided to invest between 200 billion won and 300 billion won in Mirova Core Infrastructure fund worth 1 billion euros ($1.2 billion), managed by Mirova Asset Management. Their total investment amount would be adjusted depending on investment conditions. They will invest in the fund through Korea Asset Investment Securities Co.

S. Korea beats China to reclaim top rank in August new ship orders

South Korea has returned to the top position in the global new ship order scoreboard in August three months after it yielded the throne to China. According to a report released by the U.K.-based industry monitor Clarkson Research Services Ltd. on Tuesday, Korean shipbuilders last month clinched the biggest orders worth 130,000 compensated gross tons (CGTs) or nine ships. China and Japan obtained orders of seven ships worth 110,000 CGT and two ships amounting to 40,000 CGT, respectively.

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What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com,service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Times www.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Daily www.people.com.cnkf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDaily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

Asahi www.asahi.com customer-support@asahi.com

Mainichi www.mainichi.jp

Le Monde www.ilemonde.com

Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au

Sydney Morning Heraldwww.smh.com.au

Colombia Reports http://colombiareports.com

Bogota Free Planet http://bogotafreeplanet.combfp@bogotafreeplanet.com

El Universal http://www.eluniversal.com.mx/english

Andes http://www.andes.info.ec/en

Ecuador Times http://www.ecuadortimes.net

The Jordan Times https://www.jordantimes.com

LSM.lv http://www.lsm.lv/en

The Baltic Times http://www.baltictimes.comlithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com

El Pais http://elpais.com/elpais/inenglish.html

Philippine Daily Inquirer https://www.inquirer.net

Daily News Hungary http://dailynewshungary.com

Budapest Times http://budapesttimes.hu

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The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.

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Question: What are the areas where the Korean business companies are most welcome for bilateral cooperation with Russia? What are the areas where Korean companies are most desired for investment and cooperation in Russia?

Answer: At present there are over 600 Korean companies working in Russia. This number is a vivid evidence of Korean entrepreneurs’ significant interest in mutually beneficial economic cooperation with Russia in various areas. The most important spheres of bilateral economic cooperation are petrochemistry, shipbuilding, automotive industry, fish and seafood processing, medicine, tourism and paper industry. There are also great prospects for development cooperation in peaceful use of nuclear energy.

There are all reasons to hope that President Moon Jae-in’s Administration will trend to be more engaged into investment cooperation with Russia. In number of join infrastructure, energy and science and technology projects. And it is important that our bilateral cooperation by no way should be limited to the field of energy. We expect significant intensification of joined efforts aimed at development and modernisation of Russian seaports as well as joint exploitation of the Northern Maritime Route.

The participation in international projects connected with the construction of the new enterprises, port terminals, and ship maintenance in Russian Far East could also be rather attractive for Korean businessmen. The cooperation in building power plants, highways and other infrastructure tends to be beneficial for Korean investors. The success in attracting Korean Investments achieved by Moscow, Tatarstan, Sankt-Petersburg, Kaluga and Primorskiy region was determined by relatively attractive investment climate created in the abovementioned regions. In this regard, it needs to be highlighted that it is important to make most of the advantages of special regime provided by Advanced Development Territories and free port of Valdivostok.

Ambassador Alexander Timonin in Seoul (left) and Publisher-Chairman Lee Kyung-sik of The Korea Post. Ambassador Timonin said in a recent interview with Publisher Lee that there were great prospects for the development cooperation in the peaceful use of nuclear energy as well as in various other areas for mutual interests.

Q: Which Korean companies are best known in Russia in the areas where Russia wishes Korean companies to invest?

A: For 27 years of cooperation with Russia South Korean Businessmen have earned a profound reputation for active cooperation with Russian counterparts in fishing industry, seafood processing, home appliances and automotive industry, medicine and tourism. Several large-scale joint projects such as construction of Lotte Hotels and Department Stores in Moscow and Sankt-Petersburg, LG Electronics Home Appliances Plant in Moscow Region and Samsung Electronics’ plant in Kaluga Region, Hyundai Motors Factory in Sankt-Petersburg, KP Chemical’s chemical processing complex in Tatarstan have been realized lately.

We have vivid examples of successful joint ventures operating in Russia. I can mention Lotte Confectionery factory, Lotte Group’s “Doshirak-Ryazan” food processing plant, KT&G Tabaco Factory in Borovskiy district of Kaluga Region and many others.

Russia is interested in new Korean investments. According to some experts the most attractive fields for foreign investments are ICT, energy, agriculture and automotive industry. There are still great prospects for bilateral economic cooperation in such areas as joint exploitation of natural and energy resources of Russian Siberia and Far East. I would also name medicine as high-tech sphere of bilateral cooperation.

Q: Who are the expected Russian counterparts of the Korean government and industrial representatives participating in the Joint Korean-Russian economic conference?

A: The Joint Russia-Korea Joint Commission on Economic, Scientific and Technological Cooperation continues to be the major venue to discuss the current state and perspectives of bilateral economic cooperation. The 16th Session of the Joint Commission will be held September 4-5 in Vladivostok in the lead-up of the Third Eastern Economic Forum.

During the session the delegations will thoroughly discuss economic situation in Russian and the Republic of Korea, exchange information about key issues of national trade policies, coordinate cooperation in spheres of energy, transport, industry, agriculture, fishery, environment protection, science and technology, communication, space, health and medical service, culture, tourism, sport and interregional interactions.

The delegation of the Russian Federation led by Yury Petrovich Trutnev, Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District will include high-profile government official from relevant Ministries and agencies, representatives of the Russian Trade Chamber, Far East Development Corporation, Technologic Development Agency as well as members of Russian business and expert community.

The most important milestone for further development of Russian-Korean economic cooperation will be the upcoming summit between President Vladimir Putin and President Moon Jae-in in Vladivostok on the side lines of the Third Eastern Economic Forum (September 4-6).

Here are The Korea Post notices and a roundup of important headlines from all major Korean-language dailies, TV and other news media of Korea today:

Lee Kyung-sik  edt@koreapost.com

<저작권자 © 코리아포스트, 무단 전재 및 재배포 금지>

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