South Korea, Russia agree to expand maritime cooperation
(VOVWORLD) - South Korea and Russia have agreed to expand cooperation in Russia's Far East by building up the underdeveloped region rich in natural resources, the South Korean maritime ministry said on Monday.
South Korean Oceans Minister Kim Young-choon (Photo: Yonhap)
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South Korean Oceans Minister Kim Young-choon held a meeting with Alexander Galushka, Minister for Development of the Russian Far East, to discuss ways to boost joint investment in the region and signed a memorandum of understanding on marine cooperation. Under the agreement, the two sides will jointly support investment in the marine industry and establish infrastructure building in the Far Eastern region, including a seafood processing facility.
The Russian Far East covers 36 percent of the country's territory, but contains fewer than 5 percent of its population. About 65 percent of all Russian marine products come from this region, but it suffers from poor infrastructure.