• KITA Held “2021 Korea-Russia Economic Outlook Seminar”
    2020-12-11 hit 657

    KITA Held “2021 Korea-Russia Economic Outlook Seminar”


    - Checked economic outlook of the two countries for next year and the business environment in Russia...

    KITA, “We are expanding cooperation areas, including digital economy, bio, and technology, etc.” -


    The Korea International Trade Association (Chairman: Kim Young-ju) and the All Russia Public Organization Business Russia co-hosted “2021 Korea-Russia Economic Outlook Seminar” online on December 10th.

    To mark the 30th anniversary of diplomatic ties between Korea and Russia, the participants discussed achievements they have seen so far, the cooperative measures for the future, Korea-Russia economic prospect for next year and the business environment in Russia as well as the cases of business expansion into the Russian market in the seminar.  

    Vice Chairman Nonna Kagramanyan of the Business Russia stated in her opening speech, “Cooperation between the two countries has become more important than ever as uncertainty is growing in the global economic and trade environment with the economic recession all over the world.” She added, “We will continue to support exchanges between companies in collaboration with the Korea International Trade Association and keep seeking new cooperative projects in the future.”

    A Researcher Kim Kyung-hoon at the Institute for International Trade of the Korea International Trade Association delivered a presentation on “Korea's Trade and Economic Outlook for 2021” and said, “Next year, Korea's exports are expected to increase by 6.0 percent year-on-year due to a global economic recovery and a gradual rise in oil prices,” and added, “As the transition to the digital economy accelerates, the exports of semiconductors and rechargeable batteries are showing strong growth, while the exports related to biohealth such as biosimilars and vaccines are expected to grow due to the impact of COVID-19.”

    Mr. Oleg Pirozhenko, head of the Economic Department of the Trade Representation of theRussianFederation in the Republic of Korea, stated, “Russia's economic growth forecast for next year is expected to recover slightly to 3.3 percercent,” and added, “Along with the economic recovery, private consumption and corporate investment in Russia are also expected to expand and it will be an opportunity for Korean companies.”

    Mr. Alexander Maslennikov from RPC ONE, a Russian private investor, delivered a speech on the structure of investment activities in Russia and said, “The business structure of shipping products and sending and receiving payments is gradually losing competitiveness in the form of trade in the past,” and added, “Korean companies need to move into special economic zones in Russia and expand their businesses to the Russian market with the goods that combine products and services.”

    Cho Hak-hee, head of the head of International Affairs Group at the Korea International Trade Association, “Amid the rapid changes in the industrial landscape due to the COVID-19 pandemic, the fields of economic cooperation between the two countries are also expanding from traditional manufacturing cooperation to digital and technological cooperation,” and added, “The Korea International Trade Association will also actively promote various projects to expand the member companies' entry into Russia, including support for one-on-one meetups with Russian companies.”

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