KOTRA Hosts 'Korea-China-Russia Post-COVID Economic Cooperation Forum'

KOTRA, together with the Ministry of Trade, Industry and Energy, held the 'Korea-China-Russia Post-COVID Economic Cooperation Forum' on the 24th at the InterContinental COEX in Samseong-dong, Seoul. Before the forum began, key attendees took a commemorative photo. (From left) Shin Beom-sik, Chairman of Eurasia21; Jang Sang-hyun, CEO of KOTRA Invest Korea; Hong Young-pyo, Member of the Democratic Party of Korea; Kwon Pyung-oh, President of KOTRA; Kim Seung-dong, Chairman of Eurasia21; Jeon Yoon-jong, Director General of Trade Cooperation at the Ministry of Trade, Industry and Energy; Woo Yoon-geun, former Ambassador to Russia.

[Asia Economy Reporter Kiho Sung] KOTRA, together with the Ministry of Trade, Industry and Energy, held the 'Korea-China-Russia Post-COVID Economic Cooperation Forum' on the 24th at the InterContinental COEX in Samseong-dong, Seoul.

This forum was organized as one of the win-win cooperation measures between Korea's New Northern Policy and China's Belt and Road Initiative to support joint entry of Korean and Chinese companies into third countries. Since the signing of the Memorandum of Understanding (MOU) between the heads of state in 2017, Korea and China have been operating economic cooperation channels.

In this year, the inaugural year of the 'Year of New Northern Cooperation,' Korea and Russia celebrated the 30th anniversary of diplomatic relations. The New Northern region is emerging as a new economic zone based on abundant resources and advanced scientific technology. Last year, trade volume between Korea and New Northern countries reached 30.5 billion dollars. Among them, Russia accounted for 73%, and Korea-Russia trade has shown an average annual growth rate of 18% over the past five years.

At this forum, experts from various fields in the New Northern region will share directions for Korea-Russia economic cooperation and know-how on business entry strategies into the New Northern region. In particular, cases of investment entry by companies that have shown excellent business performance in Russia will be discussed, and CIS renewable energy and power plant projects will also be introduced.

Kwon Pyung-oh, President of KOTRA, stated, "As regional economic integration accelerates after COVID-19, economic cooperation among Korea, China, Russia, and other New Northern countries has become even more important," and added, "I hope this forum will become a platform for cooperation where all can achieve mutual growth."