Commodity and Tech Futures - Russia and the Asia Century

SEOUL, South Korea, April 4, 2013 /PRNewswire/ --

On 3 April 2013, the St. Petersburg International Economic Forum, with the support of the Federation of Korean Industries and the En+ Group, held a session entitled 'Commodity and Tech Futures - Russia and the Asia Century' in Seoul (Republic of Korea). The event was attended by 160 representatives of the business community in Russia and the Republic of Korea.

Opening addresses were made by Chan-Ho Park, Secretary General of the Federation of Korean Industries; Sergey Belyakov, Deputy Minister of Economic Development of the Russian Federation; and Choi Kyong-lim, Deputy Minister of Trade, Industry and Energy of the Republic of Korea. Taking part in discussions were Artem Volynets, CEO of En+ Group; Lee Rimtaig, Chariman of Korea Wind Energy Industry Association; Sang Joo Lee, Vice President of STX Corporation; Walid A. Chammah, Advisor to the President and Chairman of the Executive Board of Rosneft Oil Company; and Oh-Kyun Shin, Vice-President of Daewoo Shipbuilding & Marine Engineering. William Pesek, Asia-Pacific Columnist at Bloomberg News, moderated the session.

The discussion in the session focused on areas of partnership between Russia and the Republic of Korea, the business climate in Russia, and the potential for mutual investment, particularly with regard to the Republic of Korea's involvement in developing industry in East Siberia and the far east of Russia. Discussants noted the favourable conditions for conducting business in Russia and the great potential for increased Korean investment in the Russian economy. Sergey Belyakov remarked that Korean car manufacturers recorded excellent sales figures in Russia, even in 2008 and 2009 at the height of the financial crisis. He also stressed that Russia was well aware of the competitive advantages of Korean companies, which is why, in particular, the Russian government is supporting joint shipbuilding projects. The CEO of En+ Group called on Korean investors to invest more heavily in Russia, despite the business climate in the country falling short of being ideal. He argued that the Russian market would provide a good return on invested capital, with competitors from other countries already investing in Russia. Sergey Belyakov assured Korean business representatives that as potential investors they would receive support from the Russian Ministry of Economic Development.