Significant Growth Likely in S. Korean-Russian Trade – Foreign Minister

MOSCOW. Sept 29 (Interfax) – Trade between South Korea and Russia could top $20 billion this year, South Korean Foreign Minister Yu Myung-hwan said.

“Bilateral trade reached $15 billion in 2007, up 50% compared to the previous year. Trade between the two countries is likely to top $20 billion this year,” the South Korean foreign minister said in an interview with the Kommersant daily newspaper published on Monday.

“South Korean companies have been investing vigorously in Russia lately. Hyundai Motors and Samsung Electronics are building plants and Lotte Group is building a large hotel in downtown Moscow,” he said.

Seoul is also interested in broader cooperation with Russia in the energy and natural resources sectors, and in further work on trilateral projects involving North and South Koreas and Russia, he said.

“If the three nations cooperate in implementing projects like that of joining the Trans-Korean Railway to the Trans-Siberian Railway, and developing Siberia and the Far East the effect will be enormous,” the South Korean foreign minister said.

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