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S. Korean industrial park in Russian Primorsky region runs with a slight delay

This file photo shows Indonesian workers inspecting Toyota vehicles at the assembly line of Toyota Motor's Indonesian unit, Toyota Motor Manufacturing Indonesia (TMMIN) plant in Karawang industrial centre outside Jakarta. (AFP Photo). Sketched by the Pan Pacific Agency.

ST. PETERSBURG, Jun 3, 2021. Pan Pacific Agency. The Korean side “will do everything possible to start building a Korean-type industrial park in the Primorsky region as soon as possible,” Kwon Goohoon, the Chairman of the Presidential Committee on Northern Economic Cooperation, said during the St. Petersburg International Economic Forum (SPIEF).

According to him, Korean LH Corporation and Russian “Corporation for the Development of the Far East and the Arctic” are closely cooperating to implement this project, that “to become a point for entering Korean companies to the Far East markets and region’s development accelerating.”

Both sides have already agreed that the industrial park will be located on an area of 9 hectares. LH Corporation will set up a Russian legal entity in July, and in September, on the sidelines of the sixth Eastern Economic Forum, the industrial park’s groundbreaking ceremony is scheduled, Kwon Goohoon said. S. Korean auto parts and food manufacturers to become residents of the new industrial park, he added.

In February 2021, the Russian Ministry for the Development of the Far East and the Arctic announced that LH Corporation will establish a Russian legal entity in the second quarter, and the first stone in Korean industrial park construction will be laid in the third quarter.

Russian version of this article is available here.

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