Russia interested in attracting South Korean investments

Russia is interested in attracting investments from South Korea, Russian Foreign Minister Sergei Lavrov said following the talks with his South Korean counterpart Pan Ki-mun.

Trade-economic cooperation between the two countries is rapidly developing, Mr. Lavrov stressed.

"Over the last 12 months trade turnover has increased by over 30%, though not enough has been done as regards investments. The potential is vast and the first steps have been made: the Republic of Korea is increasing investments in Russia", Sergei Lavrov said.

According to him, the two ministers have agreed to boost interaction within the intergovernmental commission and encourage work of the Russian-Korean Business Council.

"We are working on the sea carriage and space research cooperation agreements. We plan to develop and expand military-technical cooperation", Sergei Lavrov noted.

On his part, Pan Ki-mun said that the sides agreed to do all to promote success of the present economic projects, such as linking the Trans-Siberian railway and the Trans-Korean railway, gas supply in the Irkutsk region (Siberia), as well as cooperation in space technologies.

He added that the policy of the South Korean leadership is very much in line with Moscow's policy of developing Russia's Far Eastern region.

The two foreign ministers have discussed preparations for the South Korean president's visit to Russia in September.

The Russian foreign minister told journalists that Moscow expects the upcoming visit to seal the new quality of relations between the two countries.

Being asked whether the Russian-Korean summit meeting will be held in Vladivostok, Mr. Lavrov said that "such a meeting is not planned".

Sergei Lavrov noted that relations between the two countries are ranked as constructive, mutually complementary partnership and are assuming a new quality.

"Hopefully, this quality will be consolidated during the upcoming visit of the South Korean president to Russia", he stressed.

The South Korean foreign minister expressed hope that the future summit will boost the development of relations between the two countries. The sides have agreed to do everything to promote success of the forthcoming visit, he said.