KOTRA Holds 'Korea-Russia Industry and Technology Cooperation Online Consultation'

80 Russian Buyers and 120 Domestic Small and Medium Enterprises Discuss Trade Deals

KOTRA is holding the 'Korea-Russia Industry and Technology Cooperation Online Consultation' throughout June. (Photo by KOTRA)

[Asia Economy Reporter Kim Ji-hee] KOTRA is holding the "Korea-Russia Industry and Technology Cooperation Online Consultation" throughout June to commemorate the 30th anniversary of Korea-Russia diplomatic relations and the Year of New Northern Cooperation.

Since 2014, Russia has been promoting import substitution industry policies to revitalize its manufacturing sector. Additionally, with the expansion of the Russia-centered CIS regional value chain (RVC) in the post-COVID era, opportunities for Korean companies to enter the local market are expected to increase.

In preparation for the post-COVID era, this consultation involves 80 buyers from across Russia and 120 domestic small and medium-sized enterprises discussing 150 business deals. According to KOTRA, consultations are active in sectors that Russia is fostering as substitute industries, including medical devices, pharmaceuticals and bio, aerospace, shipbuilding equipment, and agricultural technology.

Company H, which provides drone-based geographic information system solutions, stated, "Through the consultation, we have initiated joint research and development with the Samara regional government's aviation cluster in the unmanned aerial vehicle sector," adding, "We have high expectations as there is a possibility of receiving support from the Russian government's innovative technology development projects."

In April, KOTRA also facilitated trade consultations worth $23 million between 32 Korean companies and 23 Russian buyers. In the second half of this year, a third consultation will be held to continue discussions on industry and technology cooperation.

KOTRA President Kwon Pyung-oh said, "We will utilize the 'Korea-Russia Industry and Technology Cooperation Desk' established at all Russian trade centers to discover opportunities for our companies to enter the CIS regional supply chain."