South Korean oceans ministry informs that it examines the possibility of developing a port in Russia’s Far East. This moves targets to help local companies leverage its strategic location.
The Ministry of Oceans and Fisheries will conduct the feasibility study until September 2019 on the Port of Slavyanka. This project aims to provide investment information to Korean companies, which are interested in developing the region.
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According to Yonhap news agency, in October 2017, Hyundai Engineering & Construction signed an MoU with a Russian logistics and tourism company Berkut, to develop the port.
In addition, according to President Moon Jae-in, Seoul is studying ways to improve economic cooperation with Russia in many sectors, such as energy, shipbuilding, fisheries and transportation.
Especially after North Korea’s leader Kim Jong-un recent summits with Mr. Jae-in President Donald Trump, the expectations that cross-border projects linking South Korea and Russia can happen, have increased.
This initiative includes projects between South Korea and Russia, regarding natural gas, railroads, seaports, electricity, Arctic shipping routes, shipbuilding, agriculture and fisheries.
